Intro to Economics Vocab

Front

Study of how people make and spend money through buying and selling goods/services.

Back

economics

Front

Products that people buy and sell

Back

goods

Front

Action or work provided to help someone

Back

service

Front

Resources needed for goods and services: three types.

Back

Productive resources

Front

Things in nature used to create goods

Back

Natural resources

Front

People working to earn money by producing goods and services

Back

human resources

Front

Products used to create other resources

Back

capital resources

Front

Offered to aid economic decisions

Back

incentive

Front

Rewards for economic choices

Back

Positive incentive

Front

Consequences for economic choices:

Back

Negative incentive