Glossary Terms:

Simple Simon Meets a Producer

Glossary terms from:
http://www.econedlink.org/e464


Consumers

People who use goods and services to satisfy their personal needs and not for resale or in the production of other goods and services.

Goods

Tangible objects that satisfy economic wants.

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.