Shared Flashcard Set

Details

Economics
terminology
8
Economics
3rd Grade
08/02/2010

Additional Economics Flashcards

 


 

Cards

Term
natural resources
Definition
materials that come from nature (water, soil, wood, coal).
Term
What is economic choice?
Definition
pepple cannot have all goods and services they want. They must choose some things and give up others.
Term
What are opportunity costs?
Definition
the next best choice that is given up when a decision is made.
Term
human resources
Definition
people working to produce goods and services.
Term
capital resources
Definition
goods made by people and used to produce other goods and services (machines, tools, buildings).
Term
producers
Definition
peole who use resources to ame goods and /or provide services.
Term
goods
Definition
Things people make or use to satisfy needs and wants.
Term
services
Definition
activities that satisfy people's needs and wants
Supporting users have an ad free experience!