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Economics Vocab.

TermDefinition
goods things people make or grow to satisfy their needs and wants
services activities or things people do to satisfy the needs and wants
consumer a person who uses goods or services
producer a person who makes goods or provides services
Can people have everything they want? No, people cannot have everything they want because they must make choices.
money coins, paper bills, and checks used in exchange for goods and services
barter the exchange or trade of goods and services without using money
natural resource materials that come from nature such as water, soil, wood, and coal
human resource people working to produce goods and services, such as teachers, painters, farmers, and waitresses
capital resource goods made by people and used to produce other goods and services, such as computers, pencils, hammers, and vehicles
Why do people save money? People save money so they can buy something in the future.
scarcity there are not enough of the things you want (things run out)
Created by: Vigilrs
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