Vocabulary - Economics Week 1
Economics Vocabulary - Week 1
Economics Vocabulary - Week 1
1. producer- people or businesses that provide goods and services
1. producer- people or businesses that provide goods and services
2. consumer- someone who buys and uses goods and services
2. consumer- someone who buys and uses goods and services
3. distribution-the process of marketing and supplying goods, especially to retailers
3. distribution-the process of marketing and supplying goods, especially to retailers
4. specialization- production of one specific good, or providing one specific service
4. specialization- production of one specific good, or providing one specific service
5. human resources-the people who do labor, or work
5. human resources-the people who do labor, or work
6. natural resources-occur in nature
6. natural resources-occur in nature
7. capital resources-are made by people. They are used by people to make other things. They may also be used to do work or to provide a service.
7. capital resources-are made by people. They are used by people to make other things. They may also be used to do work or to provide a service.
8. free enterprise- individuals and businesses are allowed to compete for profit with a minimum of government interference
8. free enterprise- individuals and businesses are allowed to compete for profit with a minimum of government interference
9. profit-the money a business makes after expenses are paid
9. profit-the money a business makes after expenses are paid
10. product -a good or service that is manufactured
10. product -a good or service that is manufactured