Makers and Takers
People who buy goods and services.
consumers
Items that you can use or consume to meet your needs and wants.
goods
This is the amount of a product available to sell.
supply
When you sell, buy, or exchange goods with someone else.
trade
Materials that people can use for themselves and others.
resources
Someone who makes goods or provides a service.
producers
Work that someone does for someone else.
service
This is the amount of a product that people actually need or want.
demand
Not having enough of something.
Scarcity
Natural resources can be split up between these two groups.
renewable and nonrenewable resources
When you have plenty of a product, the prices should do this...
go down
This main reason is why public goods are completely different from private goods.
Public goods need to be paid by taxes.
Private goods can be bought with personal money.
When prices go down because of a lot of products are being made, it is called this.
surplus
These two words are goods that come into a country and go out to other countries. Trade depends on both of these.
Imports and exports
People who make up the workforce in a business, proving the labor.
Human resources
When you have less of a product, the prices should do this...
prices should rise
Companies make more money to improve themselves and their products.
Specialization
This is the value of what you need to give up when you make a choice.
Opportunity cost
Relying on other people to get things done.
Interdependence
Tools that are created to help people make other things.
capital resources
When something you need can't be found in the amount you need.
shortage
These types of businesses are owned by people alone, not owned by the government.
private enterprises
These people study the prices being changed for a product and how much it costs a company to make it.
Economists
The scarcity of THIS may affect a large part of an economy.
major/important resource
Someone who decides to make or run their own business.
Entrepreneur