Economics Vocabulary Words

Economic Want:

• Desires for items that can only be obtained by spending money

• Tangible items produced for personal use

• Examples include trees, air, and land.

• Desires for things that can be obtained without spending money

Consumer Goods:

• Desires for items that can only be obtained by spending money

• Tangible items produced for personal use

• Productive resources; human and natural resources and capital goods

• Desires for things that can be obtained without spending money

Non-economic Want:

• Desires for things that can be obtained without spending money (e.g., fresh air and sunshine).

• A desire for something that may or may not be required

• Tangible items that will be consumed by industrial users

• Giving up all or a part of one thing in order to get something else

Natural Resources:

• A desire for something that may or may not be required

• Tangible items that will be consumed by industrial users

• A condition resulting from the gap between unlimited wants for goods and services and limited resources

• Examples include trees, air, and land.

Services:

• Tasks performed for the benefit of the recipients

• The purchase of items that benefit the recipient

Factors of Production:

• A desire for something that may or may not be required

• Productive resources; human and natural resources and capital goods

• Examples include trees, air, and land.

• The human and natural resources and capital goods used to produce goods and services

Wants:

• A desire for something that may or may not be required

• Needs

• The human and natural resources and capital goods used to produce goods and services

• gap between unlimited wants for goods and services and limited resources

Capital Goods:

• All manufactured/ created items that are used to produce goods and services

• Tangible items consumed by the consumer

• gap between unlimited wants for goods and services and limited resources

• The benefit that is lost when you decide to use scarce resources for one purpose rather than for another

The study of how to meet unlimited, competing wants with limited resources

• Economics

• Industrial Goods

• Scarcity

• Trade-offs

Tangible items that will be consumed by industrial users

• Industrial Goods

• Consumer Goods

• Services

• Goods