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14 Cards in this Set

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