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Economics
Question | Answer |
---|---|
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 |