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Economics

QuestionAnswer
budget a plan for using money
currency a country's system of money
natural resources materials found in nature that are useful or necessary to life
trade the system of exporting and importing goods and resources
capital resources goods produced and used to make other goods
entrepreneur a person who starts his or her own business
profit money a person makes after paying for resources
human resources the people who work for a business
scarcity when you lack enough resources to make the product that the customer desires
expense something people spend money on, such as something they do or buy
interdependence producers and consumers depend on one another
savings money that a person keeps in a bank
opportunity cost the value of an item you give up when you choose one item instead of another
economy the way a country chooses to use its money, goods, and services
income the amount of money someone receives for working
barter to trade what you have for what you need or want
Created by: elise_kramer
 

 



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