Economics Lessons 1-9

People who MAKE goods and services.

• Producer

• Consumer

• Productive Resources

People who BUY goods and services

• Producer

• Consumer

• Productive Resources

The natural, human, and capital resources used to produce goods and services.

• Producer

• Consumer

• Productive Resources

Production assets such as equipment, inventory, machinery, or the building.

• Natural Resources

• Human Resources

• Capital Resources

Resources and materials found in their natural form in the environment.

• Natural Resources

• Human Resources

• Capital Resources

The set of individuals who make up the workforce of an organization or business.

• Natural Resources

• Human Resources

• Capital Resources

Tangible items that result from productions. (ex. pants, cars, and pencils).

• Services

• Opportunity Cost

• Goods

Non-physical results of production and must be consumed. (ex. dentist, barber)

• Services

• Opportunity Cost

• Goods

The most valuable alternative you give up when you make a decision.

• Services

• Opportunity Cost

• Goods

Used as payment to make trade easier. It must be durable, portable, and divisible.

• Barter

• Money

• Trade