Quick Definitions

Economics is the science that arises out of the interplay between

limited resources and unlimited human wants and needs.
Economist is the person who studies and analyzes economic
activities
Macroeconomics is concerned with the status of the economy of the
country as a whole. Such as, employment of a general population
or overall income of a nation as opposed to a more focused view of
a population segment or specific industry.
Microeconomic is concerned with the particulars of a specific
segment of the population or a specific industry within the country.
Such as the distribution of products, income, goods and services
Wants are things we require but can live without, such as cars, and
televisions
Needs are things that we require to survive such as food, and
shelter
Consumers are the people who decide to buy things to satisfy their
wants and needs
Producers are the people who decide to make things to satisfy our
wants and needs
Goods are physical objects that can be bought such as homes,
burgers, clothes
Services are actions or activities that are performed for a fee such
as Hotels, hospitals
Factors of Production are anything that people use to make or
obtain what they need or want.
Natural Resources are items provided by nature that can be used to
produce goods and to provide services such as water, sun, sand,
and trees
Human Resources (labor) are any efforts done by humans to
produce goods and services such as factory workers, employees,
and company owners
Capital Resources are the major items needed by people to produce
goods and services such as cash, building, and machines
Capital Goods are the buildings, structures, machinery, and tools
used in the production process.
Consumer Goods are the finished goods and services that people
buy
Technology is the use of technical knowledge and methods to create
new products.
Entrepreneur is a person who attempts to start a new business or
introduce a new product.

Work Sheet

Name: ___________________________________________ Class: _______ Date:

__________________
Complete the sentences below:
1) The people who decide to buy things are called

2) The people who make the things that satisfy the needs and wants of
consumers are called
.
3) In economic terms,

are physical objects that can be

4)

purchased.
are actions or activities that are performed for a fee.

5)

are anything that people use to make or obtain what

they need or want

6) Items provided by nature that can be used to produce goods and to
provide services are called
.
7)

goods are the buildings, structures, machinery, and tools

used in the production process.

8) The finished goods and services that people buy are
called
goods.
9)

is the use of technical knowledge and methods to create

new products.
10)
A(n)

is a person who attempts to start a new

business or introduce a new product.

Economics Worksheet (2)

Name: __________________________________________________ Date: __________

Class: _______
Define the following:
1) Economics
____________________________________________________________________
____________________________________________________________________
____________________
2) Economist
____________________________________________________________________
____________________________________________________________________
____________________
3) Macroeconomics
____________________________________________________________________
____________________________________________________________________
____________________
4) Microeconomics
____________________________________________________________________
____________________________________________________________________
____________________
Analyze and then list factors that helped produce:
1)
2)
3)
4)
5)

A Mercedes Benz
A Stall of water Melon in a market
Glassware
Paper
School uniform

Natural Resources:
________________________________________________________________________
________________________________________________________________________
________________________________________________________________________
____________________________
Human Resources:
________________________________________________________________________
________________________________________________________________________
________________________________________________________________________
________________________________________________________________________
_________________
Capital Resources:
________________________________________________________________________
________________________________________________________________________
________________________________________________________________________
________________________________________________________________________
________________________________________________________________________