Economic Vocabulary Review

The people that make a product or complete a job (labor).

The desire from buyers (consumers) for a product or good. (Think about when a new iPhone comes out.)

Resources that come from the earth (land).

The careful management of producing, distributing, & consuming wealth and resources (Hint: the unit we're doing now.)

Natural, capital, and human resources are all _______

Not enough productive resources to provide all goods and services.

A country that is working toward being developed, but is still lacking (missing) some modern conveniences or technology.

This is when there is TOO MUCH of a certain good or item.

Another word for objects or things that can be bought, sold, or used by people.

A poor country without many of the resources that they need to survive.

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

Setting up a business to make a profit (make money).

The amount of goods or products that are available.

A wealthy country with high income ($), technology, and economic opportunities would be a ______ country.

When people exchange good and services.

When help is given to another country in the form of money or other resources.