Vocabulary 1
Producers provide goods and __________?
Services
What are products that can be bought and sold?
Goods
A person starting his or her own business is an example of Free _________?
Enterprise
Things people would like to have are called ______?
Wants
Machines that make goods are found in a ________?
Factory
When goods are scarce, the price goes ______?
Up
When there is a lot of a good, the price goes______?
Down
A place where goods and services are bought and sold is a ________?
Marketplace
One country can _______ goods with another country.
Trade
Who MAKES or SELLS goods and services?
Producer
Who BUYS goods and services?
Consumer
What do you call the money people earn?
Income
What happens to crops when there is not enough rain?
A.They grow better
B. They become scarce.
B. They become scarce.
What do you call the exchanging of one thing to get another?
Trade
A _____ is a plan that shows how much money you have and how much money you spend?
Budget
Natural resources, like trees, are what kind of materials?
Raw materials
What kind of resources are the work PEOPLE do to produce goods and services called?
Human Resources
What is it called to exchange something without using money?
Barter
What kind of resources are the tools used to produce goods and services called?
Capital Resources
Is a teacher a producer or a consumer?
Producer