Category 1
materials that come from nature
What are natural resources?
goods made by people and used to produce other goods and services
What are capital resources?
anyone who makes or grows a good or performs a service
What is a producer?
products or services that are available for people to buy
What is supply?
petting zoo
What is a service?
the study of the making, buying, and selling of goods and services
What is economics?
things that people make or use to satisfy needs and wants
What are goods?
a focus on the production of selected goods and services
What is specialization?
products or services that people want to buy
What is demand?
dog bandana
What is a good?
something you would like to have but is not necessary for survival
What is a want?
activities that satisfy people's needs and wants
What are services?
two or more people depending on each other for goods and services
What is interdependence?
the gain after all expenses are subtracted
What is profit?
food, water, shelter
What are needs?
to trade with someone to get what you both want
What is barter?
a person who comes up with a product or service, or a better way to produce one
What is an entrepreneur?
the choice or decision among alternatives
What is an economic decision?
failure to gain, win, obtain or use
What is loss?
candy
What is a want?
people working to produce goods and services
What is human resources?
anyone who buys a good or service
What is a consumer?
the next best choice that is given up when a decision is made
What is opportunity cost?
the term meaning competition
(someone can start a business similar to yours, change their business to make more money)
What is free enterprise?
Elon Musk
What is an entrepreneur?