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30 terms

Economics

STUDY
PLAY
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