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3.7-3.9 economics
economics
Question | Answer |
---|---|
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. |