Economics #1

The people who do the labor.  Anyone who works.

• Human Resource
• Capital Resource
• Supply
• Demand

How much there is of a good or service.

• Incentive
• Supply
• Demand
• Loss

Work done for a fee.  An activity that you pay someone else to do.

• Goods
• Service
• Tax
• Profit

When someone or a business chooses to only produce ONE item very well.

• Entrepreneur
• Export
• Import
• Specialization

Resources found in nature like air, soil, sunshine, water, coal, wheat, sugar, plants, and animals.

• Human Resources
• Natural Resources
• Nonrenewable Resources
• Capital Resources

The study of how people choose to use their resources

• labor
• economics
• entrepreneur
• specialization

Anyone who buys a good or service.

• demand
• trade
• consumer
• producer

Making only ONE type of good or providing only ONE sort of service.

• opportunity cost
• specialization
• Consumer
• Producer

When there's very little of something

• scarcity
• export
• opportunity cost
• import

Resources and/or tools that are used to make goods or to provide services.

• Renewable Resources
• Capital Resources
• Human Resources
• Natural Resources