Economics Vocabulary

Items that can be bought or sold (and touched!)

• goods

• export

• services

• interdependence

Activities done for others

• goods

• land

• services

• entrepreneurship

Resources found in nature

• labor

• capital

• scarcity

• land

Any worker using their skills

• demand

• capital

• income

• labor

Resources made by people

• capital

• production

• services

• import

Someone who starts, plans, or puts money into a business (risk)

• budget

• entrepreneurship

• manufactured

• goods

People perform jobs based on their skills

• specialization

• division of labor

• consumption

• marketplace

The money left over all costs have been met

• surplus

• scarcity

• profit

• land

(Lost!) Losing the opportunity to produce something because of choices

• opportunity cost

• division of labor

• agricultural

• entrepreneurship

Bringing goods into a region for trade

• marketplace

• interdependence

• capital

• import