Vocabulary
Producer or Consumer
Good or Services
Resources
Opportunity Cost
Supply and Demand
Vocabulary
100
Community
a place where people live, work and play
100
A young boy gets a hair cut
Consumer
100
Trees
Natural Resource
100
My choices were a Barbie and a baby doll. I chose the Barbie. What was my opportunity cost?
The baby doll
100
Making, buying, or selling something that people need or want
Economics
200
Wants
things people would like to have
200
A waitress serves you dinner at a restaurant
producer
200
Water
Natural Resource
200
I was having a bake sale. My customers were the ____________. (Supply or Demand)
Demand
200
A lack of resources.
Scarcity
300
Basic Needs
things people need to survive
300
I bought a new toy for my dog.
Good
300
Teacher
Human Resource
300
My choices were a Barbie and a baby doll. I chose the Barbie. What was my economic choice?
Barbie
300
Exchanging goods or services without using money.
Barter
400
Bank
a building where people's money is kept
400
The hair dresser cut my hair
Service
400
Lawnmower
Capital Resource
400
I was having a bake sale. My cookies were the ____________. (Supply or Demand)
Supply
400
A person's focus on one product or service. A person on a assembly line often has a ___________________.
Specialization
500
Savings
money put away to keep for later
500
The doctor gave me a check up
Service
500
Computer
Capital Resource
500
I went shopping and wanted to buy a truck or a tractor. I bought the tractor. What was my opportunity cost and what was my economic choice?
Opportunity Cost--truck Economic Choice--tractor
500
People who depend on each other for things they need or want.
interdependence
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