Things that people do for others
Services
people who make goods or provide services
Producers
the money you spend
Expenses
Wealth supplied by nature, such as mineral deposits, soil, sunlight, timber, water, wildlife.
Natural Resources
The way you bring in income to buy goods and services.
Work
a good that is made to help produce other goods
Capital Resources
the word that means to receive merchandise from abroad, particularly from foreign countries
Imports
The amount of money a good or service costs
Price
The quality of a commodity or service that is available.
Supply
a social science that studies the production, distribution, and consumption of goods and services.
economics
someone who works to produce goods and services
Human Resources
things people must have to live
Needs
Trading goods and services instead of using money.
Bartering
Ship merchandise abroad, particularly to foreign countries.
Export
Bonus 1: Name an example of a natural resource
Oil, coal, natural gas, metals, stone, and sand
people who use goods and services
Consumers
the money you earn
(income or sales)
Income
Extra money set aside "just in case"
Savings
The number of people that would like to buy a particular good or service
Demand
Bonus 2: Name an example of a want
a pet dog, a skateboard, clothing items, lunch, hairbrush
basic needs
when there is not enough supply, but great demand
Scarcity
People would like to have but don't need to live.
Wants
The extra money left after a business pays all costs or production
Profit
Bonus 3: Name an example of a capital resource
tools, buildings, vehicles, machinery, and equipment.