Economics Vocab

Resources

• anything used to make something else

• something that is used to represent money

• type of business

• money made after costs are paid

Scarcity

• what is needed to produce goods and services

• people who are paid to do work

• type of business

• not enough of something to meet everyone's wants and needs

Economics

• the quantity of goods and materials a business has to sell

• people who are paid to do work

• type of business

• how resources are used to meet the needs and wants of a group of people

money

• the rate at which goods and services are produced

• type of business

• anything that is authorized by a government to purchase goods and services

• money made after costs are paid

currency

• anything used to make something else

• the quantity of goods and services a business has to sell

• something that is used to represent money

• what is needed to produce goods and services

inventory

• people who are paid to do work

• money made after costs are paid

• the quantity of goods and materials a business has to sell

• person who starts a business

productivity

• the rate at which goods and services are produced

• anything used to make something else

• money, equipment, buildings, etc needed to run a business

• type of business

factors of production

• person who starts a business

• what is needed to produce goods and services

• materials needed to produce good or servcices (not labor)

• money made after costs are paid

labor

• people who are paid to do work

• type of business

• person who starts a business

• anything that is authorized by a government to purchase goods and services

land

• person who starts a business

• natural resources needed to produce goods or services

• anything used to make something else

• person who starts a business