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Dylan SS test 4-4
| Term | Definition |
|---|---|
| Needs | things we must have to live (food, clothing, shelter) |
| Wants | things we would like to have, but do not need to live |
| Resource | something that we can use; can be from nature like water or plants |
| Goods | things that people make or grow, to sell |
| Producer | a person who makes or grows a good |
| Consumer | a person who buys and uses goods |
| Income | money that people earn |
| Services | jobs that people to do help others |
| Skill | knowing how to do something |
| Specialize | to do one kind of thing very well |
| Tax | money collected by a government to pay for services |
| Trade | to buy, sell, or exchange goods or services with someone else |
| Demand | how many people want something |
| Supply | how much of it there is |
| Save | to keep something to use later |
| Savings | money that you do not spend right away |
| Borrow | to use something now and give it back later |
| Loan | money that people borrow; they will need to pay it back at another time |