PBL: Economics Vocabulary

the study of how people and societies make decisions given the resources that they have

• economics

• scarcity

• goods

• services

the concept that we have unlimited wants but limited resources

• scarcity

• goods

• services

• producers

things that you use, buy or sell

• goods

• services

• producers

• consumers

work done by someone for someone else

• services

• producers

• consumers

• resources

people who make something or provide a service

• producers

• consumers

• resources

• income

people who buy or use goods and services

• consumers

• resources

• income

• market

things that are used to produce goods and services

• resources

• income

• market

• exchange

money that is earned by working

• income

• market

• exhange

• natural resources

the place where goods and services are exchanged

• market

• exchange

• natural resources

• human resources

trade, such as trading goods and services for others goods and services or money

• exhange

• natural resources

• human resources

• capital resources