Economics Vocab — Chapter 1.1
1. economics: dealing with more wants and less resources
2. scarcity: little or few resources
3. need: required for basic survival
4. want: something we like but don’t need
5. land: natural places
6. capital: tools, equipment, and factories used to produce goods
7. labor: work/production
8. entrepreneur: someone who starts a business
9. Gross Domestic Product (GDP):dollar value of a country’s goods and services within 1 year
10. community: area or group of people
11. satisfied: happy with what you have
12. resource: something that’s available for use
13. produce: to make
14. equipment: helps do work
15. skills: abilities/what you can do
16. economy: the way money is made and used
17. employee: a person who works for money
18. employer: the business who hires workers
19. analysis: a deep study of something
20. explanation: to teach or make known
21. prediction: to think ahead
22. income: money that is made by a person
