Economic Terms and Definitions

Key - 1st & 2nd Grade

Capital Resources

Tools, machinery and buildings used to produce goods and services.

Consumers (2nd)

People who use goods and services.

Division of Labor

Assembly line; making one part of a larger item.

Goods (1st, 2nd )

Things like books, cars, clothing, shovels.

Human Resources (2nd)

People.

Interdependence

We depend on many people for goods and services to satisfy our wants.

Natural Resources (2nd)

Things from nature like water, land, minerals, trees.

Needs (1st)

Needs are something essential to live.

Opportunity Costs (2nd)

What you give up to get something else.

Producers (2nd)

People who make things for us to buy.

Scarcity (2nd)

We cannot have everything we want because our resources are limited.

Services (1st, 2nd )

Things that one persons does for someone else like teachers, doctors, television programs.

Wants (1st)

Wants are luxuries: not absolutely necessary to live.

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Department of Elementary and Secondary Education, Missouri Senate Bill 380,
Competitive Technology Funds