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