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Econ
Econ vocab
10
Social Studies
5th Grade
12/08/2012

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Cards

Term
economics
Definition
The study of production,consumption, and transfer of wealth.
Term
economy
Definition
how a country manages its money,goods and services, and recourses.
Term
needs
Definition
Items that you need to survive.
Term
wants
Definition
items that are "extra" that you don't actually need to survive.
Term
natural resources
Definition
things that come from nature.
Term
natural recourses
Definition
things that come from nature {water,trees,air}
Term
human recourses
Definition
people doing work to produce goods and services.{Bakers,teachers,doctors.}
Term
capital recourses
Definition
Goods made by people and used to to make other goods or to provide services.{hammers,pencils,computers,tools,machines,desks.}
Term
Goods
Definition
Any object a person wants or needs to survive.
Term
services
Definition
Are actions, such as haircuts and bottle repairs.
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