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SS- Chapter 2 Terms

Economics

QuestionAnswer
goods items you can see, like pencils or cars
services work that people do, like cutting hair or fixing cars
consumer user of goods & services
local made near where they were sold
producers makers of goods
import to bring goods from another country
export to send out goods out to another country
purchase to buy with money
natural resources resource made from nature
human resources people's talents and skills
capital resources human-made items used to make other goods or provide services
technology use of science to solve problems and make things work better
trade-off when you give up on thing for another thing
cost the price needed to get something else
opportunity cost what you have to give up to have something else
benefit useful result
option choices that can be made
need something you must have to live
want something you would like to have but do not need
invest to spend now in the hope of future reward
human capital your skills, knowledge, and experiences
fund to pay for
occupation a job or work
Created by: user-1890776
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