Vocab list 4/22-4/25

Front

What is economics?

Back

the study of how we use money

Front

What are resources?

Back

something that can be used in a business.

Front

What are capital goods?

Back

tools needed for making things.

Front

What is specialization?

Back

doing one thing very well in a business

Front

What is productive capacity?

Back

the total amount of thing that a group of people can produce

Front

What is a producer?

Back

a business that makes a product

Front

What is a consumer?

Back

a person who buys a product

Front

What is labor?

Back

the work that someone does

Front

What is an employee?

Back

someone who works for an employer

Front

What is an employer?

Back

a person who needs to hire someone