2nd Grade Economics
Order by
12 terms
Terms | Definitions |
|---|---|
 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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