Chapter 2 Pt1 Flashcards
1
Q
Income
A
Money that people earn
2
Q
Consumer
A
A person who buys and uses goods
3
Q
Cost
A
The price of something
4
Q
Opportunity cost
A
The thing you give up when you make a choice
5
Q
Wants
A
Things we would like to have
6
Q
Resource
A
Something that we can use
7
Q
Producer
A
A person that makes or grows goods
8
Q
Needs
A
Things we must have to live
9
Q
Benefit
A
A good result from a choice you make
10
Q
Goods
A
Things that people make or grow
11
Q
Scarce
A
There is not enough of something
