Study your flashcards anywhere!

Download the official Cram app for free >

  • Shuffle
    Toggle On
    Toggle Off
  • Alphabetize
    Toggle On
    Toggle Off
  • Front First
    Toggle On
    Toggle Off
  • Both Sides
    Toggle On
    Toggle Off
  • Read
    Toggle On
    Toggle Off
Reading...
Front

How to study your flashcards.

Right/Left arrow keys: Navigate between flashcards.right arrow keyleft arrow key

Up/Down arrow keys: Flip the card between the front and back.down keyup key

H key: Show hint (3rd side).h key

A key: Read text to speech.a key

image

Play button

image

Play button

image

Progress

1/19

Click to flip

19 Cards in this Set

  • Front
  • Back
Those who combine resources to make goods and services.
Producers
Using goods and services to satisfy wants.
Consumption
Putting resources together to make goods or provide services.
Production
Things we have.
Resources
When you want something and there's not enough.
Scarcity
Something people do for other people.
Service
What we give up when we make choices.
Opportunity Cost
People have to make choices because of scarcity.
Economic Problem
Decisions we make.
Choices
Not enough resources to satisfy all our wants.
Limited Resources
Resources found in people such as their skills and ideas.
Human Resources
The money you earn.
Income
A person who uses a good or service.
Consumer
Something people want that you can have or touch.
Goods
Our well-being is partly dependent on the behavior of others.
Interdependence
Goods that are used to make other goods or provide services (buildings, equipment).
Capital Resources
The many things nature provides that we use to satisfy our wants.
Natural Resources
Depending on each other.
Interdependent
To do a certain job.
Specialize