Economics Vocabulary Practice

Setting up a business to make a profit

Resources that come from the earth (land)

A country that is working toward being developed but are still lacking some modern conveniences

The desire from buyers (consumers) for the product or good

A poor country without resources needed for survival

Objects that can be bought, sold, or used by people

Too much of a certain good or item

Not enough resources to provide all goods and services

The amount of goods or products available

People that make a product or complete a job (labor)

An exchange of goods and services

A wealthy country with high income, technology, and economic opportunities

The types of resources used to produce a product

Tools that are created to make a product or complete a job