Economics Vocabulary Practice

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

The amount of goods or products available

Resources that come from the earth (land)

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

Not enough productive resources to provide all goods and services

Setting up a business to make a profit

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

Three types of resources used to produce a product

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

An exchange of goods and services

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

Too much of a certain good or item

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

A poor country without resources needed for survival