Basic Economic Terms
The way a country manages its resources, money, and goods.
What is an economy?
When a resource is limited and not unlimited.
What is scarcity?
Trading one good or service for another without money.
What is barter?
A place where people buy and sell goods or services.
What is a marketplace?
The region where Mesopotamia had rich land and resources.
What is the Fertile Crescent?
Items people must have to survive, such as food and shelter.
What are needs?
Choosing one thing instead of another.
What is a trade-off?
A trade of one thing for another.
What is exchange?
People or businesses that make goods or services.
Who are producers?
A major river that provided resources for ancient Egypt.
What is the Nile River?
Something people would like to have but do not need to survive.
What are wants?
The value of the option you give up when making a choice.
What is opportunity cost?
Something used as payment for goods and services.
What is money?
People who buy goods or services.
Who are consumers?
A way ancient civilizations gained wealth and resources.
What is trade?
Work done for someone else
What are services?
The amount of a product available.
What is supply?
Buying something now and paying for it later.
What is credit?
The wealth, goods, and services available to people in a place.
What is standard of living?
One reason civilizations fought wars in history.
What is control of resources or trade routes?
Resources required to produce goods or services.
What are factors of production?
How much people want a product or service.
What is demand?
When countries rely on each other for goods and resources.
What is interdependence?
When economies depend on each other for trade.
What is global trade or economic interdependence?
The worldwide system of trade that developed over time.
What is the global economy?