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Chapter 2

Working To Meet Our Needs

TermDefinition
needs things we must have to live
wants things that we would like to have but do not need to live
resource something that is useful
cost the price of something
goods things that people make or grow
producer a person who makes or grows goods
consumer a person who buys or uses goods
skill the ability or knowledge to do something
trade to buy, sell, or exchange goods
savings income you do not spend right away
borrow to use something now and give it back later
loan money borrowed from a bank
scarce not enough of something
benefit a good result from a choice you make
income money that people earn
specialize to do one kind of thing
trade to buy, sell, or exchange goods
barter to trade goods or services without using money
demand the amount of something that people want
supply how much there is of something
save to keep your money for use later
Created by: user-2067626
 

 



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