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15 Cards in this Set

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  • Back
Things that people need to survive like food, clothing, and shelter.
needs
Things people would like to have but do not need to live.
wants
Coins, bills, or checks that are used to pay for needs and wants.
money
Things that people make or grow to satisfy needs and wants.
goods
Activities that people do to satisfy needs and wants.
services
Materials that people use that come from the Earth.
natural resources
Goods made by people that are used to produce other goods and services.
capital resources
People that work to produce goods and services
human resources
A person who uses resources to make goods and provide services.
producer
A person who uses goods and services.
consumer
When resources are limited and there isn't enough to go around.
scarcity
When people focus on producing one good or providing one service.
specialization
When people depend on or need others for goods or services.
interdependence
The next best choice that is given up when an economic choice is made.
opportunity cost
The decision to buy a particular good or service.
economic choice