Economic Vocabulary

Nonrenewable resources can be replaced within the span of a human life

Some but not all renewable resources are considered inexhaustible

An example of private services is...

Human resources are...

All these are examples of natural resources except

Goods and services provided by the government and funded by taxes paid by individuals and businesses are

Putting aside part of your income for future purchases is an example of....

Income is....

Goods are...

A consumer is....

Law of demand states that if the price of goods go down, people buy less of it.

A budget is a plan on what to spend money on.

Taxes are money people pay to the government, so they can provide services.

To import something means to bring in resources from another country

Capital resources are goods produced to make other goods and services.

Financial literacy is...

Which of these is an example of the law of supply?

Expenses things a person, business or government spends money on.

To export something is to send resources to another country.