Economics Vocabulary

1. Anything widely accepted in exchange for goods and services.
4. Income earned for providing human resources (labor) in the market.
7. The condition that exists because there are not enough resources to produce everyone's wants.
9. A stock or supply of money, materials, staff, and other assets that can be drawn on by a person or organization in order to function effectively.
10. A stock of a resource from which a person or place can be provided with the necessary amount of that resource
11. A system of production and distribution of resources, goods, and services.
13. Objects that satisfy people's wants.
14. Payment people earn for the work they do.

2. Things that occur naturally in and on the earth that are used to produce goods and services.
3. A person who makes goods and services.
5. Things that people would like to have but they don’t need them in order to live.
6. The quantity and quality of human effort directed toward producing goods and services. Also known as human resources.
8. A person who buys goods and services to satisfy their wants.
10. An act or a variety of work done for others especially for pay.
12. Things people need to live. Like food, water, and shelter.