Economics Key Terms

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Labor

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The human effort used in the production of goods and services.

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Capital

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The financial assets or resources that are used to fund the production of goods and services.

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Entrepreneur

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An individual who creates and operates a business, taking on financial risks to do so.

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Technology

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The application of scientific knowledge to make work easier.

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Scarcity

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When there is not enough of something- need outweighs supply.

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Recession

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A period of temporary economic decline during which trade and industrial activity are reduced.

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Inflation

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When prices for goods and services are rising.

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Barter

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The exchange of goods and services WITHOUT using money.