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Stack #4615509

QuestionAnswer
Goods Things that are made or grown that people buy or use.
Services Work people do for others to help them.
Natural Resources Things from nature that people use, like water, trees, or oil.
Human Resources People who work to make goods or provide services.
Capital Resources Tools and machines used to make goods.
Producers People or businesses that make goods or provide services.
Consumers People who buy or use goods and services.
Economic Specialization When people or places focus on doing one kind of job or making one thing.
Interdependence When people or places depend on each other.
Economics The study of how people use money and resources. Exchange
Exchange Trading goods or services with others.
Barter Trading goods or services without using money.
Needs Things people mus ve to live, like food and water.
Barter Trading goods or services without using money.
Needs Things people must have to live, like food and water.
Wants Things people would like to have but do not need.
Economic Choice Choosing how to use limited money or resources.
Opportunity Cost What you give up when you choose one thing over another.
Supply How much of something is available.
Demand How much people want something.
Scarcity Not having enough of something to meet everyone's needs.
Created by: user-1844327
 

 



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