General
Economic Resources
Economy
(Economy 2)
(Economy 3)
100
A person who studies economic choices
What is an Economist?
100
Anything people use to make or obtain what they need or want.
What is a Resource?
100
Anything that is necessary for survival.
What is a Need?
100
A person who purchases goods or services.
What is a Consumer?
100

You exchange this for goods and services

What is Money?

200
The study of the economic behavior of countries or international corporations.
What is Macroeconomics?
200
Any human effort exerted during the production process.
What are Human Resources?
200
The condition that results when unlimited needs and wants must be met with limited resources.
What is Scarcity?
200

Someone who makes or sells goods and services for others to buy

What is a Producer?

200
The worth of a good or service for the purposes of exchange.
What is Value?
300
Physical products that can be purchased
What are Goods?
300
The buildings, structures, machinery, and tools used in the production process.
What are Capital Goods?
300

This type of resource is not created by people

What are natural resources?

(air/wind, land, water, etc.)

300

An economic system in which the decisions of what, how and for whom things are produced are based on customs or habits

ie; Tribes in Africa, the Amish 

What is a traditional economy?

300

An economic system in which the government make the major economic decisions.

What is a Command economy?

400
Actions or activities that are performed for a fee.
What are Services?
400
The use of technical knowledge and methods to create new products or make existing products more efficiently.
What is Technology?
400
The best possible alternative given up when a choice is made.
What is Opportunity Cost?
400

The process that allows an employee to become an expert by focusing on one activity.

What is Specialization?

400
A process that allows consumers to use items before paying for them.
What is Credit?
500
The study of economic choices made by individuals or small businesses.
What is Microeconomics?
500
The combination of organizational ability and risk taking involved in opening a business or introducing a new product.
What is Entrepreneurship?
500

Resources used to make goods and services

What are productive resources?

500

An economic system in which individual and businesses own all the resources and make the economic decisions.

What a market economy?

500
When people can fulfill all their needs and wants without outside assistance.
What is self-sufficiency?
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