6th 6wks Test Review 2017

Asset

something valuable or useful; something that has money value

Expenses

cost of charges for purchases of goods or services: money spent in order to buy or do something else; expenditures

Resources

the wealth of a country of its way of producing wealth; natural resources such as oil, or human resources such as the workers are both examples

Capital Resources

goods used in the production of other goods, such as raw materials, buildings, or machinery, but usually not including land or money

Human Resources

people who have the ability to work; one of the essential components of an economic system

Division of Labor

a system in which each worker does a portion of the final job; the total job is broken down into many parts and each is performed by some of the workers

Employees

a person who works for some person or business for pay

Employers

a person or business that pays a person or group of people to work

Goods

merchandise; things that are sold, material output such as cars, clothing, tools

Imports

goods and services brought in from other nations for sale or use

Exports

goods and services that are produced in one nation and sold or traded to other nations

Sweatshops

a business establishment where workers are employed for long hours at low wages or under unfavorable or unhealthy conditions

Tariff

a duty or a tax that a government puts on goods coming into the country