Unit 2 Economics Vocabulary

A comprehensive collection of vocabulary terms and definitions from Unit 2 Economics, covering basic concepts, types of goods, and sustainable practices.

Scarcity

Limited resources cannot satisfy unlimited wants.

Opportunity Cost

The next best alternative given up.

Needs

Things required to live.

Wants

Things people would like to have.

Economic Goods

Goods that are scarce and have a cost.

Free Goods

Resources available without payment.

Resources

Inputs used to produce goods and services.

Production

Making goods or providing services.

Exchange

Buying, selling or trading goods and services.

Consumption

Using goods and services to satisfy needs and wants.

Goods

Physical products that can be touched.

Services

Activities provided for consumers.

Household

People living together who consume goods and services.

Business

Organisation producing goods or services.

Government

Public sector providing services and making policies.

Durable Goods

Goods that last a long time.

Semi-durable Goods

Goods that last for some time.

Non-durable Goods

Goods used up quickly.

Sustainability

Meeting present needs without harming future generations.

Economic Justice

Fair access to opportunities and resources.

Renewable Energy

Energy from naturally replenished sources.

Resource Conservation

Using resources wisely to reduce waste.

Responsible Consumption

Buying and using goods in a sustainable way.

Fair Trade

Trade that gives fair prices and conditions.

Quality of Life

Overall well-being and standard of living.