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ECONOMY

Quiz on 12.1

TermDefinition
scarcity when there's not enough of something that you want
economic problem when people have to make choices because of scacity
resources things we use to satisfy our wants
limited resources not enough resources to satisfy all our wants
choices deciding what you want and what you have to give up
opportunity cost the best thing you can give up to get something
consumer a person who uses a good or service
good something people want that you can hold or touch
income the money you earn
service something people do for other people
production putting resources together to make goods or provide services
producer a person who makes a good or provides a service
human resources resources found in people such as their skills or ideas
natural resources the many things that nature provides that we use to satisfy our wants
capital resources good that are used to make other goods or provide services
Created by: ethan05
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