Economics Vocabulary

Naturally occurring resources -

• Natural

• Human

• Capital

• Entrepreneurship

Resources such as tools, machinery, and money used in the production process -

• Human

• Capital

• Entrepreneurship

People who proved the labor in exchange for income -

• Human Resources

• Entrepreneurship Resources

The inability to satisfy all wants at the same time -

• producer

• consumer

• scarcity

• supply

Someone who provides a good or service is a -

• consumer

• producer

Someone who purchases goods and services -

• consumer

• producer

• demand

Consumers determine through purchases what goods and services will be produced is -

• competition

• consumer sovereignty

• incentives

This forces producers to produce better quality goods and services -

• incentives

• competition

• opportunity cost

Used by sellers to motivate consumers to make different choices -

• incentives

• supply

• consumption

What is given up whenever a choice is made - the next best alternative is called -

• consumption

• opportunity cost

• free enterprise