Economics Vocab Review

The process by which goods and services are produced, sold, and bought in a country or region.

• Capital Resources

• Supply

• Taxes

• Economy

A good that is provided to everyone.

• Public good

• Demand

• Opportunity Cost

• Private Good

A good that must be purchased.

• Public Good

• Service

• Private Good

• Natural Resources

Work that someone does for someone else.

• Public Good

• Private Good

• Human Resource

• Service

A resource that comes from nature.

• Human Resource

• Natural Resource

• Good

• Supply

A tool used to create or transport a good.

• Capital Resource

• Taxes

• Demand

• Natural Resource

A person that grows, makes, or sells a product or service.

• Private Good

• Economy

• Human Resource

• Opportunity Cost

The amount of something available to consumers.

• Demand

• Service

• Public goods

• Supply

How much consumers want something.

• Supply

• Economy

• Capital Resources

• Demand

Money collected by the government to pay for things that people need.

• Private Goods

• Public Goods

• Taxes

• Economy