Economics Vocabulary

how resources are used to meet peoples wants and needs

• economics

• demand

• supply

• entrepreneur

The value of all the goods and services that a country produces in a year.

• Gross Domestic Product (GDP)

• Factors of Production (FOP)

• Free-Market Economy (FME)

a person who has the ideas and skills to start a business

• entrepreneur

• laborer

• manager

• consumer

Tags

CCSS.L.1.6

CCSS.L.3.6

CCSS.L.4.6

CCSS.L.K.5A

the value of the second-best choice that is given up when a decision is made

• opportunity cost

• producer

• profit

• scarcity

Many individuals desiring something that has limited availability

• scarcity

• opportunity cost

• supply

• needs

what you give up to get something else

• price

• need

• want

• opportunity cost

A person who comes up with a product or service, or a better way to produce one.

• Service
• Taxes
• Barter
• Entrepreneur

When an individual or a company does one part of a task and relies on others to complete the other parts of the task.

• Specialization
• Free enterprise
• Producer
• Consumer

The skills, knowledge, and experience of an individual or population.

• capital goods

• entrepreneurship

• human capital

• GDP

the percentage of people in a country who can read and write

• poverty

• literacy rate

• GDP

• natural resources