Economics Review

What are productive resources?

• a resource that is productive

• the time, talent, and skills of a person who helps produce goods and services

• resources used to make goods and services

People and businesses who use resources to make goods and services

• producers

• consumers

• resources

People who buy or use goods and services to satisfy their personal needs and wants

• consumers

• producers

• resources

How much of a good or service is available

• consumer

• supply

• money

The act of trading goods and services you have for goods and services you want

• boat

• trade

• goods

Opportunity cost is...

• the exchange of goods and services in a market

• the value of the next best choice when you choose something else

• the price you pay for goods and services

How much of a good or service people want

• demand

• consumer

• cash

A good that is used to produce many other goods and services

• capital resource

• human resource

• natural resource

a resource from nature that can be used to produce goods and services or to meet people's needs

• capital resource

• human resource

• natural resource

the time, talents, and skills of a person who helps produce goods and services

• capital resource

• human resource

• natural resource