Unit 9 - Vocabulary Review (CE.11a-b)

What is a Consumer?

• A person who purchases goods and services for personal use.

• A person or company that makes, grows, or supplies goods for sale.

• Materials that exist naturally, without any actions of humankind and can be used for economic gain.

• People who makeup the workforce to produce goods and services, including the knowledge and skills of the people.

What is a Producer?

• A person who purchases goods and services for personal use.

• A person or company that makes, grows, or supplies goods for sale.

• Materials that exist naturally, without any actions of humankind and can be used for economic gain.

• People who makeup the workforce to produce goods and services, including the knowledge and skills of the people.

What is a Natural Resource?

• Materials that exist naturally, without any actions of humankind and can be used for economic gain.

• A person who purchases goods and services for personal use.

• A person or company that makes, grows, or supplies goods for sale.

• People who makeup the workforce to produce goods and services, including the knowledge and skills of the people.

What is Human Resources?

• People who makeup the workforce to produce goods and services, including the knowledge and skills of the people.

• A person who purchases goods and services for personal use.

• A person or company that makes, grows, or supplies goods for sale.

• Materials that exist naturally, without any actions of humankind and can be used for economic gain.

What is a Capital Resource?

• Land, buildings, and equipment that are used to produce goods and services.

• A person who purchases goods and services for personal use.

• A person or company that makes, grows, or supplies goods for sale.

• People who makeup the workforce to produce goods and services, including the knowledge and skills of the people.

What is Entrepreneurship?

• People who take the risk of production to earn a profit.

• A person who purchases goods and services for personal use.

• A person or company that makes, grows, or supplies goods for sale.

• Materials that exist naturally, without any actions of humankind and can be used for economic gain.

What is Profit?

• The difference between the amount earned and amount spent in buying, operating or producing something.

• A person who purchases goods and services for personal use.

• A person or company that makes, grows, or supplies goods for sale.

• People who makeup the workforce to produce goods and services, including the knowledge and skills of the people.

What is Profit Motive?

• The incentive or desire to work or form a business in order to gain profit or make financial gains.

• A person who purchases goods and services for personal use.

• A person or company that makes, grows, or supplies goods for sale.

• People who makeup the workforce to produce goods and services, including the knowledge and skills of the people.

What are Goods?

• Things that are produced.

• Things that people do for others in exchange for money.

• The difference between the amount earned and amount spent in buying, operating or producing something.

• The incentive or desire to work or form a business in order to gain profit or make financial gains.

What are Services?

• Things that people do for others in exchange for money.

• Things that are produced.

• The difference between the amount earned and amount spent in buying, operating or producing something.

• The incentive or desire to work or form a business in order to gain profit or make financial gains.