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Myers ~ Economics

Economics

QuestionAnswer
goods things people make
services things people do
consumer a person who buys goods or services
producer a person or people who make a good or provide a service
interdependence when you depend on someone else
trade when you have something someone wants and they have something you want, you do this
voluntary exchange when people or countries choose to trade with each other, and everyone benefits from trading
price goods and services are allocated by its ___________
currency is used to buy goods and services
productive resources are essential for producing goods and services
natural resources are resources that occur naturally and can be found in, on, or near the earth and used for producing a good or service
human resources the time and effort people spend to make goods or provide a service
capital resource sometimes called capital goods (tools used to make, build, or do something)
entrepreneurship an important productive resource used to create goods and services
public goods and services those that cannot be sold effectively in a market economy
governments provide public goods and services
taxes public goods and services are paid for by _____________
choices every day we are faced with making _____________
benefit the good that comes out of buying a good or service
cost what it costs when you buy a good or service