Economics Vocabulary (JA)

Items that can be bought or sold

• Goods

• Services

• Resources

• Producer

Work done for others, like haircuts or car repairs

• Goods

• Services

• Resources

• Producer

A person or business that makes goods or services

• Consumer

• Producer

• Entrepreneur

• Human Resources

A person who buys good or services

• Producer

• Entrepreneur

• Human Resources

• Consumer

The amount of money left after all business expenses have been paid

• Goods

• Services

• Profit

• Capital Resources

A system in which goods and services are bought and sold freely with little government interference

• Free Market Economy

• Competition

• Innovation

• Entrepreneurship

Things businesses use to produce goods and services

• Resources

• Innovation

• Free Market Economy

• Skill

People who do the work a business needs

• Resources

• Human Resources

• Capital Resources

• Natural Resources

Buildings, tools, machines, and money that businesses use to make products

• Resources

• Natural Resources

• Capital Resources

• Human Resources

Things a business needs that occur naturally, such as air, water, minerals, and trees

• Resources

• Human Resources

• Capital Resources

• Natural Resources