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14 Cards in this Set
- Front
- Back
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producer
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someone who makes and sells things for others to use.
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consumer
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someone who buys and uses products.
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price
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the money paid for something.
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goods
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the things someone makes or grows to sell.
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Economics
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the study of how we use resources to meet our needs and wants.
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Expenses
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the price for materials a producer must pay to make his products.
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opportunity cost
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to choose something and lose another
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budget
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a plan on how to spend money
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scarcity
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not being able to meet all wants at the same time.
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money
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coins, paper bills, and checks used in the exchange of goods and services.
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human resources
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people working to produce goods and services.
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capital resources
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goods made by people and used to produce other goods and services.
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natural resources
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materials that come from nature.
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barter
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to trade without using money.
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