Economics Unit 1

The amount of money a business makes after its expenses are paid

• profit

• supply

• demand

• scarcity

Something we pay to use for a certain amount of time

• services

• goods

The buildings, machines, and tools that companies use to make products

• capital resources

• human resources

• natural resources

• entrepreneurs

A person who buys goods and services

• consumer
• entrepreneur
• resource
• currency

How much people want something

• supply
• demand

A person who comes up with a new idea for a product, and they actually make it and sell it.

• resource

• human resources

• consumer

• entrepreneur

What do we call all of the resources required to make a product (good or service)?

• economics

• consumption

• four factors of production

• scarcity

Something we pay for that we can touch

• goods
• services

People who work to make goods or provide services

• human resources
• capital resources
• natural resources
• entrepreneurs

The idea that resources are limited

• scarcity

• supply

• demand

• inflation