Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
19 Cards in this Set
- Front
- Back
|
Economy |
The way a country or community makes and uses goods and services |
|
|
Goods |
a thing that can be bought or sold |
|
|
service |
Work that a person does for someone else |
|
|
Economic Resources |
Something that helps people meet their needs. There are three types. |
|
|
Natural Resources |
Something from nature that people can use such as trees, water, or soil |
|
|
Raw Materials |
A natural resource that can be used to make a good. |
|
|
Renewable Resources |
A natural resource that can be made again by nature or people |
|
|
Nonrenewable Resource |
a natural resource that can't be made again quickly by nature or people. |
|
|
Human Resources |
A worker who produces goods and services. |
|
|
Capital Resource |
A tool or building that a business needs to make and deliver a product. |
|
|
Market Economy |
In this type of economy, people freely buy or trad goods and services. The prices of goods and services are not set by the government but are based on demand. |
|
|
Wants |
Something that you spend money on but do not need to survive. |
|
|
Needs |
Something you must have to live safe, healthy lives (clothing, food, shelter, medicine, clean water) |
|
|
Trade |
The exchange of one good or service for another |
|
|
Import |
to bring goods IN from another country to sell |
|
|
Export |
to send goods OUT to another country to sell |
|
|
Supply |
the amount of goods available at any given time |
|
|
Demand |
how many people want the goods that are available |
|
|
Entrepreneurs |
individuals who create a new business providing a product or service. |
