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Economic Literacy

Personal Finance

QuestionAnswer
What is a consumer? people who buy goods and use services
What is opportunity cost? the thing you didn't choose when given a choice
What is an export? goods leaving a country
What is a producer? people who make or sell goods and services
What is a tax? what the government charges for the good
What is voluntary trade? when both countries agree to exchange goods
What is a capital resource? things used to produce goods and services like machines and equipment
What is entrepreneurship? a person takes a risk to create a product or company; they use natural resources, capital resources, and human resources to make a profit
What are natural resources? things in nature like water, land, and soil and are used to make products
What are human resources? people who work (labor) to provide goods and services like teachers, cashiers, doctors
What are goods? things (products) that people want like food, clothes, toys, etc
What is trade? when countries around the world trade (exchange) goods and services for other goods and services or for money. Both countries benefit.
What are services? actions that people want like a teacher teaches, a hair stylist does your hair
What is supply? the amount of goods that are available
What is demand? how much people want the goods or services
What does the price of goods depend on? supply and demand
What is interdependence? people who buy goods (consumers) and provide services (producers) depend on each other
What happens to the price if the supply is low? the price increases
What happens to the price if the demand is high? the price increases
What happens to the price if the demand is low? the price decreases
What happens to the price if the supply is high? the price decreases
What are the four types of productive resources? Natural Resources, Human Resources, Capital Resources, and Entrepreneurship. These are the four types of resources used to make goods and services.
What is economy? how a country produces and uses goods and services
Created by: SherBrad
 

 



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