Economics Basics Vocabulary Review

Manufactured or constructed items that are used in the production of goods and services.

The study of how to meet unlimited, competing wants with limited resources.

Desires for things that can be obtained without spending money.

A condition resulting from the gap between unlimited wants for goods and services and limited resources.

The process or activity of using goods and services.

A desire for something that may or may not be required.

Something required to live (food, clothing, shelter).

The human and natural resources and capital goods used to produce goods and services.

Tangible items produced for personal use.

The economic process or activity of producing goods and services.

Tangible objects that can be manufactured or produced for resale

Any resource found in nature that is used to produce goods and services.

Desires for items that can only be obtained by spending money.

People who work to produce goods and services.

This business function is responsible for moving, storing, locating, and transferring ownership of goods and services.