ECONOMICS VOCABULARY

AN ITEM SOLD FOR PROFIT.

• GOOD

• SERVICE

• NEED

• WANT

SOMETHING YOU WOULD LIKE TO HAVE, BUT YOU DON'T HAVE TO HAVE TO SURVIVE; NOT A NECESSITY.

• NEED

• WANT

• SUPPLY

• DEMAND

A CHOICE GIVEN UP TO GET THE CHOICE YOU WANT. (ALWAYS THE SECOND CHOICE)

• CAPITAL RESOURCE

• OPPORTUNITY COST

• COMPARATIVE ADVANTAGE

• MARKET ECONOMY

MADE BY NATURE.

• CAPITAL RESOURCE

• NATURAL RESOURCE

• HUMAN RESOURCE

• NEED

PEOPLE WHO DO JOBS OR SERVICES FOR OTHERS.

• CAPITAL RESOURCE

• HUMAN RESOURCE

• NATURAL RESOURCE

• NEED

TOOLS MADE BY PEOPLE TO DO A JOB.

• HUMAN RESOURCE

• NATURAL RESOURCE

• MARKET ECONOMY

• CAPITAL RESOURCE

SOMETHING YOU HAVE TO HAVE TO SURVIVE.

• NEED

• WANT

• NATURAL RESOURCE

• SUPPLY

A JOB DONE OR SOMEONE.

• SUPPLY

• DEMAND

• SERVICE

• SPECIALIZATION

WHERE BUSINESSES COMPETE WITH EACH OTHER TO SELL THEIR GOODS AND SERVICES.

• OPPORTUNITY COST

• SPECIALIZATION

• SCARCITY

• MARKET ECONOMY

A THING THAT MOTIVATES OR ENCOURAGES ONE TO DO SOMETHING.

• SCARCITY

• INTERDEPENDENCE

• SPECIALIZATION

• INCENTIVE