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3.7-3.9 economics


goods things people make or use to satisfy needs and wants
service activities that satisfy people's needs and wants
consumer a person who uses or buys a good or service
producer a person who uses resources to make a good and/or provide a service
scarcity not being able to meet all wants at the same time because resources are limited
economic choice the choice you have to make because you can't buy everything
opportunity cost the next best choice that is given up when a decision is made
natural resources materials that come from nature. ex coal, water, soil, wood
human resources people working to provide a good or service ex.teacher, doctor, farmer
capital resources goods made by people and used to produce other goods and services ex. hammer, factory, computers
specialization happens when people focus on producing one good or service
specialization encourages _____________. trade because people wants things they do not have.
Created by: cparks3