Economics Test
Order by
17 terms
Terms | Definitions |
|---|---|
 Budget | a person's plan for spending and saving money |
| Scarcity | running out of something |
| Services | things that people do for you, but yo have to pay them for what they do. |
| Consumer | a person who buys a product or pays for a service |
| Economics | the way a country produces and uses goods and services |
| Goods | things that can be bought or sold |
| Nonrenewable resources | resources that cannot be replaced again in this lifetime |
| Producer | someone who makes a product |
| Resources | things needed to make something |
| Barter | to trade one product or service for another product or service |
| Assembly Line | a factory setup in which workers each add one part to a product as it passes them on a moving belt |
| Fossil Fuels | are petroleum, coal, and natural gas that are creating underground from decaying plants and animals |
| Opportunity Cost | what you give up in order to get what you want (Hint: you had the opportunity to buy it but you decided to get something else instead) |
| Interdependence | the way countries, businesses, and people depend on each other for products and resources |
| Capital resources | tools needed to create a product or run a business |
| Natural resources | something found in nature needed to create a product |
| Human resources | human working to create and sell a product or provide a service |
First Time Here?
Welcome to Quizlet, a fun, free place to study. Try these flashcards, find others to study, or make your own.