Economic Vocabulary Study Guide

Things that people make or use to satisfy needs and wants

• consumer

• goods

• needs

Activities that satisfy people's needs and wants

• services

• goods

• capitial resource

A person who uses goods and services

• consumer

• producer

A person who uses resources to make goods and/or provide services

• producer

• consumer

the exchange of goods and services without the use of money

• trade/ barter

• goods

• services

not being able to meet all wants at the same time because resources are limited

• economic choice

• scarcity

• specialization

materials that come directly from nature

• human resources

• capital resources

• natural resources

people working to produce goods and services

• human resources

• capital resources

• natural resources

goods made by people and used to produce other goods and services

• capital resources

• natural resources

• human resources

When people focus on the production of selected goods and services

• opportunity cost

• specialization

• scarcity