Economics

Created by klingm 

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12 terms

SCARCITY

(1) People want more things than they have money to pay for
Example: Wanting 2 CD's for $13 each and only having $25.00 to spend
(2) The goods and services that people produce are limited
Example: Going to rent a movie and none are left

OPPORTUNITY COST

What you give up to get something
Example: The kids in "Econ and Me" giving up the swing set in order to have the clubhouse.

GOOD

Something people want that can be held or touched
Example: food, clothes, cars

SERVICE

Something people do for other people
Example: car wash, doctor, server in a restaurant

CAPITAL RESOURCES

Tools made by humans or money
Example: hammer, truck, glue

NATURAL RESOURCES

Productive resources found in nature; natural resources
Example: water, wood(tree), wool

HUMAN RESOURCES

The work that people do to make goods or provide services; the people that provide the goods/services
Example: designing, stirring, baker, construction worker

CONSUMER

A person who uses goods or services
Example: buying a CD, eating at Taco Bell, reading a book

PRODUCER

Putting resources together (build, make, create, grow) to make goods or provide services
Example: baking a cake, building a bird house, growing a garden

ENTREPRENEUR

People who combine land, labor, and capital to start a business; owners of a business
Example: lemonade stand, your company on Market Day

INTERDEPENDENCE

People depend on each other
Example: We are dependent upon farmers to produce vegetables. We are dependent upon bus drivers to get us to school safely.

SPECIALIZATION

People doing certain jobs in a business
Example: In order to get milk, we have the dairy farmer, truckers who take it to the processing plant, people who run the machinery at the plant, people who make the milk containers, truck drivers who take the milk to grocery stores, and grocery store clerks..

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