Vocabulary
What is a need?
Things we must have to live
What is one resource you use everyday?
Water, paper, ect.
What does skill mean?
What does it mean to barter?
What is a want?
Things we would like to have but do not need to live
What is a good?
What is opportunity cost?
The thing you give up when you make a choice
To buy, sell, or exchange goods or services
What is a resource?
Something that we can use.
What is a producer?
What does benefit mean?
A good result from a choice you make.
What is a loan?
Money that someone borrows
Money that people earn
What is a consumer?
A person who buys and uses goods
What does a flow chart tell us?
Where do loans come from?
Banks
What is a tax?
Money that is collected by the government from the citizens
What does it mean to be scarce?
There is not enough of something
Who is a producer in your community?
Carpenter, Farmer, Painter, Construction Worker, ect.
What is an example of a government worker?
Firefighter, teacher, police
How does the Unite States get goods that it does not produce?
It trades goods with other countries
How do communities pay government workers?
Money from taxes