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Economics

QuestionAnswer
Anything you buy that you can hold or touch Goods
An activity you pay someone to do for you Services
Things like food, water, clothing, and shelter that you can’t survive without Needs
Things we like to have, but aren’t necessary to survive Wants
The thing that you give up when you buy something Opportunity cost
A person who buys a good or uses a service Consumer
A Person who makes a good or provides a service Producer
Something used to produce goods and services Resource
Things made by nature that people can use to create a product Natural resources
The people needed to produce goods and services Human resources
Goods that are used to make other goods or to provide services Capital resources
Exchanging one good or service for something else Trade
Not having enough of something Scarcity
To trade without using money Barter
Send goods and services to other countries Export
Bring in goods and services from other countries Import
Making one kind of good or providing one kind of service Specialization
Depending on others to produce things you need Inter dependence
What is the difference between needs and wants The difference between needs and wants is needs are something you have to have to survive and wants you would like to have but don’t need them to live
Give examples of needs and wants Needs: food Wants: car
A person who buys something in a store Consumer
Eggs and butter Natural resources
Chef and baker Human Resources
Oven, spoon and mixer Capital resources
Created by: k_chief11
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