Economics Terms

What are natural resources?

• Resources created using all natural ingredients

• Resources made in a factory

• Resource found in nature

• Resources found in Montana

People who work to produce goods and services are called:

• Human resources

• Capital resources

• Natural Resources

• Chicken Resources

The tools, equipment, and buildings that are used to produce goods and services

• Human resources

• Capital resources

• Intermediate resources

• Primary resources

Goods used in the production of final goods

• Capital

  Goods

• Intermediate Goods

• Good Goods

• Bad Goods

Items purchased to satisfy needs and wants

• Services

• Goods

• Needs

• Shrek

Actions or activities that one person performs for another

• Services

• The Griddy

• Goods

• Intermediate Goods

Things that are required in order to live

• Needs

• Wants

• Goods

• Services

Things that add comfort and pleasure to your life

• Wants

• Needs

• Goods

• Services

A person who purchases goods and services for personal use

• Consumer

• Producer

• Potato

• Service

A person, company, or country that makes, grows, or supplies goods or commodities for sale

• Consumer

• Producer

• Person

• Cucumber