Northeast+Economic+Terms


 * Economics Vocabulary Quiz Definitions **

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 * 1) **Goods**- Objects that can be held/touched that people may want.
 * 1) **Services**- An activity that someone can do for another person.
 * 1) **Consumer**- Anyone whose wants are met by using goods or services.
 * 1) **Barter**- Trading a good or service for something else without using any form of money.
 * 1) **Scarcity**- Not having enough goods or services for everyone.
 * 1) **Opportunity Cos**t- The alternative that is given up when making a choice.
 * 1) **Resource**- All natural and human made items used to produce goods and services.
 * 1) **Natural Resource**- product from nature
 * 1) **Human Resource**- the amount of human effort used to produce goods and services.
 * 1) **Capital Resource**- goods made by people and used to produce other goods and services.