True or False?
Needs are more important than wants
true
A building where people's money is kept
a bank
Making, buying, or selling something that people need or want
economics
Things you can buy
a good
Sun is an example of this type of resource
a natural resource
Consumers are people who make goods and sell them
false
Money you put aside to keep or spend later
savings
Lack of resources
scarcity
When someone does something for you
a service
A hammer is an example of this type of resource
capital resource
Producers and consumers rely on each other in the economy
true
Money earned
income
A person's focus on one product or service
specialization
When a barber cuts your hair
a service
A fireman is an example of this type of resource
a human resource
The term 'budget' comes from the French word 'bougette' which meant 'little bag'
true
Exchanging goods and services without using money
barter
When two people or companies depend on each other to be successful
interdependence
Video games, dolls, and candy are examples
a good
Tools, machines, and factories used to produce goods
a capital resource
When there is a large demand for a good, the supply goes down
false
Buying something and promising to pay for it later
credit
When faced with an economic choice, this is the thing you give up
opportunity cost
Tim has a lemonade stand. By producing the lemonade, Tim is providing this
a service
Materials or substances that occur in nature and can be used for economic gain
a natural resource