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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 |
Created by:
wildflower
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