Economics
Someone who buys and uses goods and services
What is a consumer?
Things that people must have to survive
What are basic needs?
Things that you buy that can be touched, eaten, or used
What are goods?
A job that a person does for you and is paid for
What is a service?
A person who makes goods or provides a service
What is a producer?
Things people would like to have
What is a want?
Money you put away to keep or spend later
What is savings?
What is a bank?
People live, work, and play in this. It can also be a group of people with similar interests or goals.
What is a community?
Coins and paper bills used to pay for goods and services
What is money?
This is the study of how money is earned, used, and saved.
What is economics?
To make informed choices
What is decision making?
If you can buy only one thing. This is the choice that is given up.
What is the opportunity cost?
Exchanging goods and services without using money
What is barter?
This is the money someone earns from a job
What is income?
Buying something and promising to pay for it later
What is credit?
Materials and resources that come from nature
What are Natural Resources?
Goods made by people used to make other goods and services. An example is a computer.
What are Capital Resources?
People who are working to produce goods and services
What are Human Resources?
When a company focuses on a single product or service. Every Day's a Sundae is an example of this.
What is specialization?
When people, nations, or businesses are dependent on each other. An example is: The Rainbow Cafe' relies on Costco so we can buy food to serve.
What is Interdependence?
A lack of resources. There was a __________ of corn because of the drought.
What is scarcity?
How much there is of goods and services. Example: During a snowstorm there may a small number of shovels in a store because people need them.
What is supply?
How much the goods or services are needed. How many people want to buy something. Example: People will want to buy more bathing suits in summer than in winter.
What is demand?
The money our Cafe' will have left over after we figure out the Revenue minus Costs
What is the profit?