Glossary Terms:

What Do People Do?

Glossary terms from:


Tangible objects that satisfy economic wants.

Human Resources

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


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


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


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


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


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.


People employed to do work, producing goods and services.