Social Studies Chapters 7 Lessons One And Two

Question 1

Needs

Answer 1

Needs are things you must have to live

Question 2

Wants

Answer 2

Wants are things you would like to have but do not need

Question 3

Scarcity

Answer 3

There is not enough of something to meet people’s needs and wants

Question 4

abundance

Answer 4

There’s a lot of something

Question 5

Opportunity cost

Answer 5

Is the value of the things you gave one you choose one thing over another

Question 6

Value

Answer 6

What is worth to a person

Question 7

Goods

Answer 7

Things that people make or grow and then sell.

Question 8

Service

Answer 8

Work that one person does for another.

Question 9

Producer

Answer 9

A person who makes a product or provides a service.

Question 10

Consumers

Answer 10

When people spend money to buy things they need or want.

Question 11

Human resource

Answer 11

A person who makes products or provides services they are also producers.

Question 12

Capital resources

Answer 12

Things needed to produce goods and services. For example, computers, tools, and money are capital resources.

Question 13

Profit

Answer 13

The money that businesses have left after their costs are paid.