U4 VOCABULARY REVIEW - SWA ECON

the level of wealth and material comfort available

• quality of life
• economic status
• standard of living
• living conditions

people, ideas, equipment, and materials used to produce goods and services

• productive resources

• inputs
• outputs
• goods

the talents, skills, and labor of people that can be used to produce goods and services

• labor force
• human capital
• workforce
• human resources

the activity of setting up a new business to make a profit

• entrepreneurship
• investment
• start-up
• business development

average per person based on members of a specific group

• GDP

• Consumers

• per capita

• income

the percentage of adults who can read and write

• Consumers

• GDP

• per capita

• literacy rate

goods that can be used repeatedly to produce other goods and services without becoming part of what is produced

• consumer goods
• intermediate goods
• capital goods
• final goods

the process of using resources to produce goods or provide services

• consumption
• distribution
• marketing
• production

money or time put into something with the goal of earning a future reward

• Investment
• Savings
• Expense
• Debt

naturally-made items, such as trees, minerals, and fresh water, that are useful to humans

• environmental resources
• organic resources
• ecological resources
• natural resources