Historical Thinking Vocab 2 - Economics

Front

Trade of goods without money

Back

Barter

Front

Any money, equipment, or finished goods needed to produce a good or service.

Back

Capital

Front

Consumers' willingness and ability to buy a product or service.

Back

Demand

Front

Goods sold to other countries (OUT!)

Back

Exports

Front

Goods brought into a country

Back

Imports

Front

Human effort to produce goods/services

Back

Labor

Front

Raw materials from nature (water, minerals, land, timber, etc)

Back

Natural Resources

Front

Something necessary for survival: air, food, or shelter.

Back

Need

Front

Desire not essential for survival

Back

Want

Front

When demand exceeds supply

Back

Shortage