click below
click below
Normal Size Small Size show me how
Economics Vocab.
Term | Definition |
---|---|
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) |