Economics 3. 7, 3.8, 3.9
Help!
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| What is not being able to meet all wants at the same time? | scarcity
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| What is a desire fulfilled by the consumption of a good or service? | want
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| What are materials that come from nature (water, soil, wood, coal)? | Natural Resources
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| Food, shelter, air, and water are all examples of ________________. | Basic needs
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| What are the things that people make or use to satisfy needs and wants? | goods
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| What is the next best choice that is given up when a decision is made? | opportunity cost
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| What are the activities that satisfy people's needs and wants? | services
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| What is the choice of or decision among alternatives or possibilities? | economic choice
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| What is the exchange of goods and services without the use of money? | Barter
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| What is focusing on one product or service? | Specialization
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| Two or more people depending on each other for goods and services is __________________. | Economic Interdependence
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| Who are the people who use goods and services to satisfy wants? (buyers) | Consumers
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| Who are the people who use resources to make goods and/or provide services (workers / sellers) | Producers
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| People working to produce goods and services. | Human Resources
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| What are the goods made by people and used to produce other goods and services? | Capital Resources
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| What did the people of Ancient Greece specialize in? | farming, shipbuilding, and pottery
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| What did the people of Ancient Mali specialize in? | protecting the empire and growing food for the empire
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| How do we know that the people of Ancient Greece and Rome were interdependent? | they traded goods along the Mediterranean Sea
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| What do we specialize in here in Virginia? | shipbuilding
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| How are we interdependent today in Virginia? | We sell our coal to other countries, but depend on other countries for oil.
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