Help
Options
Didn't know it?
click below
click below
Knew it?
click below
click below
Don't Know
Remaining cards (0)
Know
retry
shuffle
restart
0:00
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.
Normal Size Small Size show me how
Normal Size Small Size show me how
Economic Terms
| Term | Definition |
|---|---|
| economic decision-making | Comparing the benefits, resources needed, and opportunity costs of different choices to choose the best option |
| economic wants | Desires that can be satisfied by consuming goods and/or services Examples: food, safety, good health, entertainment, and transportation |
| goods | Things people make or grow that satisfy economic wants |
| services | Actions or activities performed by people to satisfy economic wants |
| opportunity cost | What is given up or lost when one option is chosen over the next best option. Example: Giving up time playing video games to finish your homework |
| economic resource | Things that can be used produce a good or service |
| human resources | People doing physical or mental work to produce goods or services or the skills people possess. Examples: farmers, carpenters, teachers, weaving, making pottery, etc. |
| natural resources | Gifts of nature that can be used to produce goods or services. Examples: sunshine, water, fertile soil, plants, wild animals |
| capital resources | Things made by people and used to produce other goods and services. Examples: tools, canals, cultivated fields, etc. |
| surplus | When you make more food than you yourself need to survive |
| hunter-gatherer | People who move from place to place hunting animals and collecting nuts and berries |
Created by:
steimern
Popular Social Studies sets