2nd Grade Economics
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Created by:
SeniorSmartyPants Plus on February 10, 2012
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14 terms
Terms | Definitions |
|---|---|
 Materials that come from nature. | Natural Resources |
| People working to produce goods and services. | Human Resources |
| Goods made by people and used to produce other goods and services. | Capital Resources |
| water, soil, wood, and coal | Natural Resources |
| farmers, miners, builders, painters, and teachers | Human Resources |
| hammers, computers, trucks, lawn mowers, and factory buildings | Capital Resources |
| The exchange of goods and services without the use of money. | Barter |
| Coins, paper bills, and checks used in exchange for goods and services. | Money |
| Not being able to meet all wants at the same time. | Scarcity |
| A person who uses goods and services. | Consumer |
| A person who uses resources to make goods and/or provide services. | Producer |
| Things people make or use to satisfy needs and wants. | Goods |
| Activities that satisfy people's needs or wants. | Services |
| People make economic choices because resources and goods and sources are | limited |
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