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Economics Vocabulary

Economics Vocabulary. Capital Resources. Human-made goods, tools, machines and buildings used to produce other goods and services. Abundance. More than enough. Commercial Crop. Raising enough crops to sell. Demand . People's desire for a particular item. Economy.

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Economics Vocabulary

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  1. Economics Vocabulary

  2. Capital Resources Human-made goods, tools, machines and buildings used to produce other goods and services

  3. Abundance More than enough

  4. Commercial Crop Raising enough crops to sell

  5. Demand People's desire for a particular item.

  6. Economy The way people manage money and resources for the production of goods and services

  7. Free Enterprise System Economic system that operates on free competition, in which people start and own businesses with limited government intervention

  8. GPD Per Capita Gross Domestic Products per unit of population; per person

  9. Human Resources Supply of people who can produce goods.

  10. Life Expectancy The number of years that a person may be expected, on average, to live

  11. Literacy Rate Percentage of people who can read and write

  12. Natural Resources Any useful material found in the environment

  13. Productivity Measurement of the amount of work accomplished in a given time.

  14. Resources Things used to produce goods or services

  15. Scarcity Insufficient [not enough] amount or supply

  16. Subsistence Farm Raising enough crops only to support one`s family

  17. Supply The available quantity of a good, product, or resources

  18. The End

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