Glossary Terms:

What Do People Do?

Glossary terms from:
http://www.econedlink.org/e226


Goods

Tangible objects that satisfy economic wants.

Human Resources

The health, education, experience, training, skills and values of people. Also known as human capital.

Job

A piece of work usually done on order at an agreed-upon rate. Also a paid position of regular employment.

Producers

People and firms that use resources to make goods and services.

Resources

The basic kinds of resources used to produce goods and services: land or natural resources, human resources (including labor and entrepreneurship), and capital.

Services

Activities performed by people, firms or government agencies to satisfy economic wants.

Work

Effort applied to achieve a purpose or result, often for pay; skills and knowledge put to use to get something done; employment at a job or in a position; occupation, profession, business, trade, craft, etc.

Workers

People employed to do work, producing goods and services.