2nd Grade Economics

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This text will take place Friday, May 6th Students will need to know the reasons why people have to make economic choices (scarcity; limited resources, goods, and services).

Consumer

Someone who uses goods and services.

Producer

Someone who provides goods or services.

Scarcity

When there is not enough of what is needed or wanted.

Barter

To trade for goods and services without the use of money.

Money

coins, paper bills, and checks used to purchase goods and services.

Needs

Something you have to have to live

Wants

A good or service that you would like but could live without

Goods

Something you can buy at a store and take home with you. For example, food and books.

Services

Something you can buy but cannot take home with you. For example: a teacher or football player.

Capital resource

Tools/ equipment made by people and used to produce other goods and services. ( hammer, computer, factory)

Human Resource

-People working to produce goods and services
( farmer, builder, miner)

Natural Resource

materials that come from nature (water, soil, wood)

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