Vocabulary
Type of Economy
Needs Vs. Wants
Factors of Production
100

The amount of goods and services that producers will provide at different prices.

Supply

100

The families in this community have farms and grow their own foods. They also trade for goods with their neighbor's.

Traditional Economy

100

This community desires a new playground for their children, What is this? 

Public want 
100

Lake, Forests, Plants, oil, sunlight etc. 

natural resources

200

The shortage of economic resources

Scarcity

200

Someone desires to buy new trendy shoes for themselves. What is this?

Private Want

200

List human Resources

Skills, Knowledge, efforts etc. 

300

Decisions on how you spend your money and time and because we have limited resources.

Opportunity Cost

300
In this country business owners make decisions based on the law of supply and demand, for example the CEO of a phone company decides to launch a new device in 3 months and it does not need the government permission. 

Market Economy 

300

Tonight Will is thinking about eating out for dinner at the new Raising Canes in town with his friends because he doesn't feel like cooking at home. What is this?

This is a want.
300

Name some natural resources

Oi, Soil, Sunlight, water, etc.

400

Jerry has asthma and he was just running a 5k this morning. He was looking for his inhaler, but he lost it. He spends money and buys an inhaler to survive. What is this?

This is a need.

400

Buildings, Roads , Materials, Machines, etc.

Capital resources

500

economics

The study of how societies chose to use resources to produce goods

500

In this country tax is really high and businesses make most of their decisions but not all. The government takes care of peoples needs. 

Mixed Economy

500

Melissa is overdue for a haircut, so she goes to the hair salon to get a trim. Emily is a hairdresser and she is going to assist Melissa to give her a haircut. What is this?

This is a service.

500

the initiative to improve goods and services or create new ones 

Entrepreneurial Resources