Vocabulary
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| Goods | is a physical items such as food, clothing, cars, and houses.
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| Services | is a activities people do for a fee. Some examples of services are car repairs,
house painting, and concerts.
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| A consumer | is a person who satisfies a want or a need by buying a good or service.
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| A Producer | is a person or business who uses resources to make goods or provide services.
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| A natural | resource is a gift of nature,
part of the natural environment such as water, trees,
or minerals.
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| Human resources | are the people who produce the goods and provide the services.
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| Capital resources | are the money and property—factories,
tools, bridges, machines, and other items used to produce goods and services.
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| Scarcity | it means that people need and want more
than the available resources can provide.
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| Opportunity cost | is the value of your second choice,the next best alternative.
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| The supply | is the quantity of a good or service offered for sale.
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| The demand | is the quantity of a good or service consumers are willing and able to buy.
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| A profit | is the amount left after costs are subtracted from the price.
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| Every economy functions by answering the four basic economic questions: | (1) what to produce, (2) how to produce, (3) how much to produce, and (4) for
whom to produce.
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| This decision answered the economic question of | what to produce
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| When all these plans are complete, the group has decided | how to produce
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| The economic concept of scarcity affects their decision of | how much to produce
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| who they are producing for | they need to know more about the consumers.
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| Traditional economy | customs,habits, and beliefs determine how the four.
basic economic questions are answered.
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| Command economy | is the government controls the economy and answers the four basic economic questions.
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| Market economy | individuals answer the four basic economic questions based on supply and demand.
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To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
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