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Economics
Study Guide
| Question | Answer |
|---|---|
| What is a productive resource? | The essentials for producing a good or service. |
| What is a producer? | A person who makes and sells a good or service. |
| What is a consumer? | Someone who buys the good or service. |
| What is import? | Goods bought from another country. |
| What is export? | Goods sold to another country. |
| What is an entrepreneur? | Someone who starts and/or owns business. |
| What is supply? | The amount you have of a product. |
| What is demand? | How much consumers are wanting a product and will pay for the product. |
| What is opportunity cost? | The thing you give up when you only have enough money to buy one thing. |
| What is benefit? | The thing you chose to buy over something else. |
| What is a natural resource? | a resource from nature |
| What is a capital resource? | a resource used to make another resource |
| What is a human resource? | a person who makes the good or provides a service |
| What is scarcity? | When there is not enough of a good or service |
| What are taxes? | Money collected by the government to help pay for schools, teachers, police, fire, roads, and parks |
| What is bartering? | trading without money |
| What is interdependence? | When people depend on each other for goods and service or countries depend on each other for their goods. |
Created by:
lasheabranton
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