Productive Resources vocabulary
Productive Resources
Predicting Industry
Economic Understandings
Vocabulary
100

productive resources supplied by nature

natural resource

100

teachers, factory workers, and farmers are examples

human resources

100

fertile land, warm climate, undeveloped land, agricultural workers

farming

100
It costs your company $2 to make a product and you sell it at $6.  Your consumers love the great price for the quality product you sell and you increase production.  What is this an example of?

price incentive

100

the comforts, wealth, goods, and services available to people

Standard of Living

200

the talents and skills of people who contribute to the production of goods and services

human resources

200

include buildings, machinery, equipment, and tools

capital goods

200

boats, coastline, experienced fishermen

fishing

200

The cattle farmers provide beef to their communities.  The grain farmer provides feed for the cows.  This is an example of:

interdependence
200

a focus on producing one product or a few products

specialization

300

the the human-made materials needed to produce goods and services

capital goods

300

Examples include ores, trees, and fertile land

natural resources

300

high-tech workforce, high-speed internet, undeveloped land, 

technology

300

When both sides benefit, they trade willingly

voluntary exchange

300

the next-best choice in a decision; what you give up in order to get what you choose

opportunity cost

400

people who start businesses to provide goods and services

entrepreneurs

400

They take risks to bring their ideas to market, in large part to earn a profit.

entrepreneurs

400

undeveloped land, experienced factory workers, 

manufacturing

400

deciding how to use productive resources, how to spend time, how to earn money, making spending and saving decisions.

economic decision-making

400

buying and selling goods and services

trade

500

materials and people used to create goods and services

productive resources

500

Every country or region has its own special resources that influence what goods and services it produces.

productive resources

500

timber, undeveloped land, experienced workers

construction

500

what you are not able to save, spend, time, inconvenience, or the alternative to what you picked

cost

500

not enough resources to produce or purchase all the goods and services that people want or need

scarcity