It's all Business
Things that are made that we may buy.
What are goods?
Things we have, but don't need.
What are wants?
I purchase items.
What is a consumer?
GA selling peanuts to other countries
What is an example of an export?
Humans provide their skills and time/labor.
What is a human resource?
Actions someone provides
What are services?
Things we must have to survive.
What are needs?
The place where we buy and sell goods
What is the "market?"
Kroger buys vanilla from Madagascar.
What is an example of an import?
resources that are drawn from nature and used with few modifications
What are natural resources?
I make things or provided services.
What is a producer?
I made money from working.
What is income?
The amount of good and services available
What is supply?
I will tutor your son in math if you will paint my house.
What is an example of trade/bartering?
money to start a new business, tools, buildings, machinery, and any other goods people make to produce goods and provide services.
What are capital resources?
We use a form of payment for goods and services.
What is currency?
I gave up getting one thing for another.
What is opportunity cost?
When many people want a good or service
What is demand?
I am a baker and I need the farmer to sell me eggs and milk.
The farmer buys a birthday cake from me.
What is an example of interdependence?
This capital resource is borrowed money.
What is a loan?
I have an idea for a business and will take the risks to start it.
What is an entrepreneur?
A plan to allocate and spend my income.
What is a budget?
Not having enough supply of goods
What is scarcity?
There were no eggs on the shelves at the store were empty.
The time and expertise provided by a person
What is labor/human resource?