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