Economics Vocab Pt 1

objects that satisfy wants

• consumer

• service

• goods

• producer

an economic activity where an immaterial exchange of value occurs such as teaching a skill or driving a person

• service

• capital goods

• supply

• opportunity

Makes goods or provides services

• production

• natural resource

• private sector

• producer

People who buy or use goods or services

• supplier

• goods

• consumer

• producer

The output of goods or services

• production

• barter

• competition

• economy

Inputs used in the production of goods or services

• service

• resources

• interdependence

• marketplace

Resources supplied by nature

• capital goods

• gross domestic product

• human resources

• natural resources

Talents and skills of human beings

• goods

• human resources

• natural resources

• products

Human-made materials that help produce products

• public sector

• capital goods

• supply

• human resources

The total cost including land, labor, and capital resources

• money

• cost of production

• net income

• demand