Who Are You?
Someone who buys goods and uses services
A consumer
People cannot survive without these.
basic needs
Things that help us live, work, and learn.
Resources
A building where people's money is kept
bank
Deciding to buy one thing or another
economic choice
A person or company who makes goods or provides services
a producer
Making, buying, or selling something that people need or want. This is the study of money in society.
economics
Air, water, soil, wind, trees, and plants are this kind of resource.
natural
Money that is put away to keep or to spend later
savings
The thing you give up when you choose something else
opportunity cost
People who work in a business to produce goods and services
human resources
Coins and paper bills used to pay for goods and services
money
capital
Money that a person earns from working at a job
income
How much there is of goods and services
supply
a service
These are things that people would like to have but can live without.
wants
A lack of resources. There was a ______________ of water in the lake because there hadn't been a lot of rain.
scarcity
Money that is earned from a business
revenue
The things a business has to buy in order to keep running. Examples: electricity, plates, napkins, ingredients for food, uniforms, water
costs
People who work, live, learn, or worship together are part of this
a community
Things you buy, use, or eat. Another word for products.
goods
The three main types of resources
human, capital, natural
Money a business keeps after paying for all expenses and costs
profit
How much goods or services are needed
demand