Economy Flashcards
1
Q
Economics
A
Making,buying,or selling something that people need or want.
2
Q
Needs
A
Things people need to survive (food,water,shelter, air).
3
Q
Wants
A
Things people would like to have.
4
Q
Producer
A
A person who sells a provides goods and services
5
Q
Consumer
A
A person who buys goods or services
6
Q
Goods
A
Something that is provided by a producer
7
Q
Services
A
A job a person provides an is paid for
8
Q
Natural resources
A
Materials that come from nature
9
Q
Capital resources
A
Goods made by people used to make other goods and services
10
Q
Human Resources
A
People working to produce goods and services
11
Q
Opportunity cost
A
A choice you have to give up
12
Q
Economic choice
A
A decision to buy one thing and not another
13
Q
Scarcity
A
K
