Economics Vocab Pt 1

Front

Objects that satisfy wants

Back

Goods

Front

Economic activity involving immaterial value exchange, like teaching or driving.

Back

Service

Front

Makes goods or provides services

Back

producer

Front

People who buy or use goods/services

Back

consumer

Front

Output of goods/services

Back

production

Front

Inputs in production of goods/services

Back

resources

Front

Resources supplied by nature

Back

natural resources

Front

Talents and skills of human beings

Back

human resources

Front

Human-made materials for product production

Back

capital goods

Front

Total cost including land, labor, and capital resources

Back

cost of production