Economic Vocabulary

What type of resources occurs in nature that are used to produce goods and services.

When you select something from a group of options you have made an economic ...

What term describes the exchange of goods and services?

This refers to the amount of a product that is needed to wanted.

Things that are owned such as land & equipment that are used to produce goods and services.

What is given up when a choice is made? It measures the cost of the next best choice, the thing you didn't choose.

People risking their own money, time, and resources to start a business.

The 3 things that are used in the production of goods and services.

This is the amount of money that a business makes from selling its product is called...

What are human resources?

Someone who combines resources to make and sell goods or provide services called.

Countries who trade rely on other countries to meet needs they can't meet themselves.

This is the amount of an item on hand at any given time.

Unlimited wants, limited resources; or not enough of an item to meet demand.

Someone who buys and uses goods and services