(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
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.
Productive resources found in nature; natural resources
Example: water, wood(tree), wool
The work that people do to make goods or provide services; the people that provide the goods/services
Example: designing, stirring, baker, construction worker
A person who uses goods or services
Example: buying a CD, eating at Taco Bell, reading a book
Putting resources together (build, make, create, grow) to make goods or provide services
Example: baking a cake, building a bird house, growing a garden
People who combine land, labor, and capital to start a business; owners of a business
Example: lemonade stand, your company on Market Day
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.
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..