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Economics
Please use these to study for our economics test
Question | Answer |
---|---|
Needs | Things we must have to live. |
Wants | Things that you would like to have but do not need to live. |
Resource | Something that we can use (water, plants, money) |
Scarce | There is not enough of something. |
Opportunity Cost | The thing you give up when you make a choice. |
Benefit | A good result from a choice you make. |
Cost | The price of something. |
Goods | Things that people make or grow. |
Consumer | person who buys and uses goods. |
Income | Money that people earn. |
Skill | Knowing how to do something. |
Trade | To buy, sell, or exchange goods for services with someone else. |