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chapter 2 terms

AB
economic resourceresources used to produce or create goods and services
factor of productioneconomic resource used to produced goods or services
natural resourcethings that come from the air, water, or earth
nonrenewable resourcenatural resource that can only be used once
renewable resourceresources that renew themselves or can be renewed by people
human resourcepeople that can contribute to productive process
laborhuman resources
labor forceall the people 16 years of age or older who have jobs or looking for a job
capital resourcebuildings, machines, equipment, and tools
scarcitythe lack of something


Mr. Cartwright

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