Economics Vocabulary

Deciding what goods and services to produce, how to produce them, how much to produce, and how to distribute them to people.

• Economic Growth

• Scarcity

• Economic Decisions

• Economic Decline

Limited quantities of resources to meet unlimited wants

• Scarcity

• Economic Growth

• Factors of Production

• Financial Decision

The ability of the economy to increase the production of goods and services

• Economic Decline

• Budget

• Income

• Economic Growth

General slowdown, prices low

• Factors of Production

• Economic Decline

• Scarcity

• Economic Growth

Land, labor, and capital; the three groups of resources that are used to make all goods and services

• Factors of Production

• Financial Decision

• Budget

• Income

A decision about how to manage your money

• Economic Decisions

• Factors of Production

• Economic Decline

• Financial Decision

Earnings from work or investment

• Income

• Economic Decline

• Economic Growth

• Factors of Production

A plan for making and spending money

• Budget

• Income

• Financial Decision

• Factors of Production