Economics #1
Economics #2
Economics #3
Economics #4
Economics #5
100
Services
Things that people do for others
100
Producers
people who make goods or provide services
100
Expenses
the money you spend
100
Natural Resources
Wealth supplied by nature, such as mineral deposits, soil, sunlight, timber, water, wildlife.
100
Work
The way you bring in income to buy goods and services.
200
Capital Resources
a good that is made to help produce other goods
200
Imports
the word that means to receive merchandise from abroad, particularly from foreign countries
200
Price
The amount of money a good or service costs
200
Supply
The quality of a commodity or service that is available.
200
Graphite, Wood, Rubber
The resources that might be needed in a pencil factory.
300
Human Resources
someone who works to produce goods and services
300
Needs
things people must have to live
300
Bartering
Trading goods and services instead of using money.
300
Export
Ship merchandise abroad, particularly to foreign countries.
300
Bonus 1: Name an example of a natural resource
Oil, coal, natural gas, metals, stone, and sand
400
Consumers
people who use goods and services
400
Income
the money you earn
400
Savings
Extra money set aside "just in case"
400
Demand
The number of people that would like to buy a particular good or service
400
Bonus 2: Name an example of a want
a pet dog, a skateboard, clothing items, lunch, hairbrush
500
food, shelter, air, and water
500
Scarcity
when there is not enough supply, but great demand
500
Wants
People would like to have but don't need to live.
500
Profit
The extra money left after a business pays all costs or production
500
Bonus 3: Name an example of a capital resource
tools, buildings, vehicles, machinery, and equipment.