Vocabulary
Vocabulary
Vocabulary
Key Concepts
Key Concepts
100
A lack of goods or services
What is scarcity
100
Producers who take risks to start a business
What is an entrepreneur
100
A plan for using money
What is a budget
100
Who are you if you take a risk to start a business?
What is an entrepreneur.
100
Items or things you would need to start a business.
What is a capital resource.
200
The next best alternative a person gives up in making a decision
What is opportunity cost
200
Person who buys goods or services
What is a consumer
200
Goods that are bought from other countries
What is an import
200
What helps producers decide how much of a good to make and helps consumers decide how much of a good they can buy? (2 words)
What is supply and demand
200
Resources found in nature used to produce goods.
What is natural resources
300
Things people buy and sell
What is goods
300
To trade goods or services
What is barter
300
Goods that are sold to other countries
What is an export
300
Different countries create their own ___________ to make as money.
What is currency.
300
The skills, knowledge, and labor people use in their jobs.
What is human resources.
400
Types of work people do for other people
What is services
400
Form of money used by a country
What is currency.
400
The amount producers will make for a certain price.
What is supply.
400
When a good is scarce, the price goes _____. When there is a lot of something, the price goes _______.
What is up; down
400
Buying cars from Japan is an example of ____________.
What is an import.
500
Person who makes things or provides services that other people buy.
What is a producer.
500
The money people earn for work.
What is an income
500
The amount consumers are willing to buy for a certain price.
What is demand
500
When the demand for a product is high, the price goes ____. When the demand is low, the price goes _______.
What is up; down
500
If you make a plan for how to use your money, it is called making a ________________.
What is a budget.
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