Vocabulary
The study of how people use resources to satisfy their wants and needs
What is economics?
The desire for goods and services by consumers.
What is demand?
The shovel, the watering can and a rake were all examples of this type of resource for a garden
What are capital resources?
A physical, useful object a consumer can buy
What is a good?
This type of money is printed by a government.
What is currency?
Actions or activities one person performs for another person.
What are services?
When supply goes up, this goes down.
What is demand?
When we farm, we gather this type of resource.
What are natural resources?
The people who purchase goods and services.
What is a consumer?
Money that a business pays to the government
What are taxes?
People who purchase goods and/or services.
What is a consumer?
What is an increase in demand?
Something such as a mineral, water, forest, or kind of animal that is found in nature and is valuable to humans
What is natural resource?
When they pay their taxes, a producer pays this type of cost.
What is an indirect cost
This shiny metal was one of the first currencies, and was a big reason why Europeans explored the "New World"
What is gold?
The money a business has to pay; can be direct or indirect.
What are costs?
When demand exceeds the supply, this term that describes lack of goods/services can happen.
What is scarcity?
Teachers, doctors, barbers are examples of this type of resource.
What are human resources?
Good producers keep costs low and revenue high, so they can have this.
What is profit?
This type of indirect cost can help businesses recover money lost in an accident, like a natural disaster.
What is insurance?
Another term for human resources; work, and the workers who do it.
What is labor?
If the president of the US wants to lower the price of groceries, they should increase this.
What is the supply?
What is a capital resource?
When supply is lower than demand, producers avoid this.
What is waste?
When companies pay for their human resources, they incur this type of cost.
What is a direct cost?