Economics
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30 terms
Terms | Definitions |
|---|---|
 Human Resources | People working to produce goods and services |
| Capital Resources | Goods made by people and used to produce other goods and services |
| Natural Resources | Materials that come from nature |
| Consumer | A person who uses goods and services |
| Producer | A person who uses resources to make and/or provide services |
| Economic Specialization | Focusing on one product or service |
| Economic Interdependence | Two or more people depending on each other for goods and services |
| Economic Choice | The choice or our decision among alternatives or possibilities |
| Opportunity Cost | The next best choice that is given up when a decision is made |
| Services | Activities that satisfy peoples wants and needs |
| Bartering | The exchange of goods or services without the use of money |
| Scarcity | when a resource is limited and there is not enough for everyone to have all they want |
| Wants | something we desire but do not need |
| Basic Needs | Things people need to live, like food, clothing and shelter |
| Goods | Things people make or use to satisfy needs and wants |
| Money | What is used to buy goods and services |
| Seller | A person who sells goods or sevices |
| Buyer | A person who uses money to purchase goods and services |
| Savings | Money put away to use at a later time |
| Income | money that you have earned |
| Economic decision | making this decision requires comparing both the opportunity cost and the monetary cost of choices with benefits |
| Supply | how much of a good or service a producer makes |
| Demand | the number of consumers that want a certain good or service. |
| Natural Resources Examples | wood, coal, water, soil |
| Human Resources Examples | artists, teachers, doctors, waiters, police |
| Capital Resources Examples | machines, tools, buildings |
| Ways a consumer can obtain a good or service | Currency is currently used in our society. In the past, a barter system was use |
| Something that is made | a good that will satisfy your want or need |
| If there is a low supply and/or high demand | then there isn't enough of the producer's good or service to meet the needs and wants of the consumers |
| If there isn't a high supply and/or low demand | then there is too much of a good or service |
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