Economic Vocabulary

something that occurs naturally in a region or environment.

• natural resources
• human resources
• land
• capital goods

human work or effort used to produce a good or service.

• labor
• capital

The money used to purchase factories, machinery, tools, and building that make the product or good.

• labor
• capital
• resources

The individuals who are innovative and combine land, labor, and capital in order to make a profit.

• labor
• capital
• entrepreneurship
• management

When a country prohibits (does not allow) trade or commerce with another country.

• quota
• tariff
• embargo

A tangible object that satisfies human wants

• service
• good

A intangible or non-physical object that satisfy human wants

• good
• service

The study of how goods and services are produced, distributed, and consumed.

• economics
• history
• government
• geography

goods purchased from other countries

• imports
• exports
• quota

Goods sold to other countries

• imports
• exports
• quota