Econ Terms

Everything that is used to make something that will be eventually sold.

• human resources

• capital resources

• natural resources

• economic resources

A product that is being sold in the economy; it's a noun.

• good

• service

• currency

• human resource

An action that is being sold in the economy; it's a verb

• good

• service

• currency

• human resource

Goods and services are bought by people to satisfy their ....

• human resources

• economic wants

• scarcity

• economy

When you focus on producing one thing so you can do that more efficiently you are ...

• scarce

• having interdependence

• specializing

When there is a limit to something you have to make an economic decision. This is because resources are ....

• scarce

• specialized

• interdependent

• economic wants

When different companies or countries rely on each other to produce what they need ...

• specialization

• interdependence

• scarcity

Gifts of nature used to produce something

• human resource

• natural resource

• capital resource

• economic resource

The work a person does to produce something

• human resource

• natural resource

• capital resource

• economic resource

Man-made goods used to produce something

• human resource

• natural resource

• capital resource

• economic resource