Goods\Services Flashcards
1
Q
Main Idea
A
Tells you what a paragraph is about.
2
Q
Consumer
A
Person that buys or uses goods
3
Q
Needs
A
Something we must have to live.
4
Q
Producer
A
Person who makes or grows goods.
5
Q
Wants
A
Things we would like to have but don’t need.
6
Q
Resources
A
Things that are useful.
7
Q
Scarce
A
Not enough of something.
8
Q
Benefit
A
Good result from a choice.
9
Q
Cost
A
Price of something
10
Q
Opportunity Cost
A
The thing you give up when you choose something else.
11
Q
Goods
A
Thing people make or grow.
12
Q
Income
A
Money people earn
13
Q
Natural resource
A
Something in nature ready for us to use.
14
Q
Skill
A
Ability to do something well.
15
Q
Specialize
A
To do one kind of thing really well.
