Mr. Meier's Intro To Economics Vocabulary

An economic system based around past ways of life and culture

The study of how people, businesses, and governments choose to use their limited resources.

Not enough of a certain resource to satisfy people's needs and wants

An economic system in which the GOVERNMENT controls the production and distribution of goods and services

A natural resource that can be replenished at the same rate of consumption; Ex. wood, wind, solar

An economic system in which INDIVIDUALS, not the govt., controls the production and distribution of goods and services;

Workers or labor needed to produce goods or services

Human-made items, such as machines and tools, that are used to produce goods and services

Whatever is given up when a choice is made; trade off

The 4 things needed to produce goods and services: natural, human, and capital resources and entrepreneurship

A person who comes up with the ideas for producing goods and services; Ex. Jeff Bezos and Elon Musk

Things that can be seen, touched, and bought or sold

Something provided by nature, such as wood, oil, and coal that can be used to produce goods and services.

A natural resource that CANNOT be replenished at the same rate of consumption, Ex. plastics, coal, oil, natural gas

An economic system that includes BOTH private ownership of property and govt. control of some services and industries.

An activity performed by others for money; jobs such as a teacher, firefighter, lawn mower, hair stylist