Goods - Objects that can be bought, sold, or used by people, Trade - An exchange of goods and services, Supply - The amount of goods or products available, Demand - The desire from buyers (consumers) for the product or good, Scarcity - Not enough productive resources to provide all goods and services, Surplus - Too much of a certain good or item, Productive Resources - Three types of resources used to produce a product: natural, capital, human, Natural Resources - Resources that come from the earth (land), Capital Resources - Tools that are created to make a product or complete a job, Human Resources - People that make a product or complete a job (labor), Entrepreneurship - Setting up a business to make a profit, Less Developed Country - A poor country without resources needed for survival, Developing Country - A country that is working toward being developed but are still lacking some modern conveniences, More Developed Country - A wealthy country with high income, technology, and economic opportunities,

Economics Vocabulary

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