Economic Vocab

What are natural resources?

• Talents and skills of people

• Resources found in nature needed to make a product

• Tools and equipment bought to help produce goods

• Objects used or bought by a consumer

What is the definition of labor in economic terms?

• Resources found in nature

• Tools and equipment bought to help produce goods

• Talents, training, and skills of people used in producing goods and services

• The science of how people use resources to satisfy wants and needs

What are capital resources?

• Resources found in nature

• Talents and skills of people

• Tools and equipment bought to help produce goods

• Objects used or bought by a consumer

Who is an entrepreneur?

• A person who buys goods

• A person who comes up with an original idea for a new item that will make money

• A person who uses resources to satisfy wants and needs

• A person who provides labor

What are goods?

• Resources found in nature

• Talents and skills of people

• Objects which are used or bought by a consumer

• Tools and equipment bought to help produce goods

What does economics study?

• The science of how people use resources to satisfy wants and needs

• The talents and skills of people

• The resources found in nature

• The tools and equipment bought to help produce goods

What are human resources?

• Resources found in nature

• Humans needed to help make a product or help provide a service

• Tools and equipment bought to help produce goods

• Objects used or bought by a consumer

What are items that people must have in order to survive?

• Wants

• Services

• Needs

• Goods

What term describes economic activities that satisfy consumers' wants or needs?

• Goods

• Services

• Budget

• Producer

What are the objects which are bought and used by a consumer?

• Wants

• Goods

• Needs

• Budget