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Quehl econ words
Quehl economics vocabulary words
Question | Answer |
---|---|
Not enough of something- lack of goods or services | scarcity |
People have to make choices because of scarcity | economic problem |
Things we use to satisfy our wants | resources |
Not enough resources to satisfy all our wants | limited resources |
Decisions made because you can't have all that you want. | choices |
The best thing you must give up in order to get something that you want. | opportunity cost |
A person who uses a good or service | consumer |
Something that people want that you can hold or touch, buy or sell | goods |
Money that you earn | income |
Something people do for other people | service |
A person who takes a risk, or chance, and starts a business | entrepreneur |
A plan for using money | budget |
The money a bank pays people for keeping their money there | interest |
Putting resources together to make goods or provide services | production |
A person who makes a good or provides a service | producer |
Someone who buys goods | consumer |
Resources found in people, such as their skills and ideas | human resources |
The many things nature provides that we use to satisfy our wants | natural resources |
Goods that are used to make other goods or to provide services | capital resources |
People depend on each other | interdependence |
To do a certain job | specialize |
Depending on each other | interdependent |