Economics Vocabulary

________ are resources used to make goods and services, including natural resources, human resources, and capital goods.

• Productive Resources

• Consumer Goods

• Financial Assets

• Personal Belongings

________ are resources supplied by nature, such as ores, trees, and land.

• Natural Resources

• Manufactured Goods

• Synthetic Materials

• Man-made Resources

________ are the talents and skills of individuals that contribute to production.

• Human Resources

• Natural Resources

• Capital Resources

• Technological Resources

________ are human-made materials needed for production, including buildings, machinery, and tools.

• Capital Goods

• Natural Resources

• Consumer Goods

• Labor

________ is a person who organizes and manages a business, taking on risks.

• Entrepreneur

• Employee

• Customer

• Manager

________ is the maker of goods using productive resources.

• Producer

• Consumer

• Retailer

• Distributor

________ is an individual who buys and/or uses goods and services.

• Consumer

• Producer

• Retailer

• Supplier

_______ is the limited availability of resources that many individuals desire.

• Scarcity

• Abundance

• Sufficiency

• Plenty

________ is the value of the next best alternative that is forgone when making a decision.

• Opportunity Cost

• Sunk Cost

• Fixed Cost

• Marginal Cost

________ is the amount of an item produced for sale.

• Supply

• Demand

• Price

• Revenue