Vocab
When there is not enough of something.
What is Scarcity
Wood is this type of resource
What is Natural Resource
When someone has a job they are _______
Employed
The type of economy that we have here in the United States.
Market Economy
A hat is an example of a ________
Good
Someone who makes goods or services
Producer
A teacher is an example of this type of resource.
Human Resource
When someone is looking for a job they are _______
Unemployed.
What people pay for a good or service
Price
Paying someone to mow your lawn is a _________
Service
The person who has something to get rid of.
Seller
A shoe factory is this type of resource
Capital Resource
Tommy was fired from his job last week and needs to find another one to pay his rent. He is _______
Unemployed
Someone who uses goods or services
Consumer
Good
The study of how we use our limited resources to make goods and services.
Economics
Oil is an example of this type of resource
Natural Resource
Tim used to work for a toy company but he quit and now runs his own toy company. Tim is ________
Employed
The person who has money to get a good or a service
Paying a moving company to move your piano is a __________
Service
Money or value gained
Profit
A hammer is an example of this type of resource
Capital Resource
Sarah loves to stay at home and take care of the kids. She is ____
Not in the work force.
Rewards or penalties to get people to behave in a certain way
Incentives
Getting your Braces is an example of ________
Good and Service