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Study Guide

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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