Vocabulary
someone who buys goods and services
What is a benefit?
Goods and services that we bring INTO our country or state are....
imports. or exports?
Imports
a small payment that is added for borrowing money
interest
Things found in nature that are useful
Natural Resources
This is a system in which people produce, sell, and buy things...
Economy. or. Manufacturing
Economy
demand
The production of goods is known as...
Economic Activity or Producers
Economic Activity
the next best thing you give up when making a choice
opportunity coset
Water and wood are examples of this type of resource...
Natural
This is an economy when people have control over production and purchasing...
Limited Market Economy or Free Market Economy
Free Market Economy
what is gained from making a choice
benefit
Goods and services we send to countries all over the world are known as...
imports. or exports
Exports
someone who makes goods or provides services
producers
People that do the work
Human Resources
This is something would like but is NOT necessary...
Want
something that encourages someone to make a certain choice
incentive
Products that satisfy people's wants and needs...merchandise, possessions, purchased THINGS
Goods
when people's wants are not met because resources are limited
scarcity
These resources are goods that are used to make other goods or to provide services
Capital
This is something you must have in order to survive.
Need
a type of economy where people decide what to buy or sell
free market economy
Things that people do (job) that satisfies wants and needs (hair cutting, mowing the lawn)
Services
a skill or knowledge in one job
specialization
Something used to make something else (machine, my projector)
Capital Resources
When there is not enough or a resource, product, or service...
Resources. or. Scarcity
Scarcity