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