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Stack #4710659
| Question | Answer |
|---|---|
| goods | things that you use, buy, or sell |
| services | work done for someone by somebody else |
| producers | people who make something or provide a service |
| consumers | people who buy or use goods and services |
| resources | things that are used to provide goods or services |
| income | money that is earned by working |
| market | the place where goods and services are exchanged |
| economics | the study of how people and societies make decisions given the resources that they have |
| scarcity | the concept that we have unlimited wants but limited resources, so choices need to be made about how to use resources more effectively. |
| exchange | trade, such as exchanging goods or services for other goods and services, or money |