ECONOMICS VOCABULARY

Front

An item sold for profit.

Back

Good

Front

SOMETHING YOU WOULD LIKE TO HAVE, BUT YOU DON'T HAVE TO HAVE TO SURVIVE; NOT A NECESSITY.

Back

WANT

Front

A CHOICE GIVEN UP TO GET THE CHOICE YOU WANT. (ALWAYS THE SECOND CHOICE)

Back

OPPORTUNITY COST

Front

What is made by nature?

Back

NATURAL RESOURCE

Front

PEOPLE WHO DO JOBS OR SERVICES FOR OTHERS.

Back

HUMAN RESOURCE

Front

TOOLS MADE BY PEOPLE TO DO A JOB.

Back

CAPITAL RESOURCE

Front

SOMETHING YOU HAVE TO HAVE TO SURVIVE.

Back

NEED

Front

A JOB DONE OR SOMEONE.

Back

SERVICE

Front

Where businesses compete with each other to sell their goods and services.

Back

Market Economy

Front

A THING THAT MOTIVATES OR ENCOURAGES ONE TO DO SOMETHING.

Back

INCENTIVE