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19 Cards in this Set
- Front
- Back
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Consumer |
Someone who buys a product/service |
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Producer |
Someone who creates or produces an item/service |
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Scarcity |
When there is little to none of a product |
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Capital resource |
Goods that are used to make other goods or to provide services |
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Currency |
The type of money that a country uses to buy goods and services and trade |
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Demand |
People’s willingness to buy goods or services |
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Export |
Ship or send out goods to other places |
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Good |
Something people buy that you can hold or touch |
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Human resource |
A resource found in people ex. Ideas |
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Import |
Bring in goods from other places |
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Income |
The money you earn |
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Interdependence |
People depend on each other |
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Natural resource |
The many things nature provides that we use to satisfy our eants and needs |
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Opportunity cost |
Whatever you have to give up to get what you want or need |
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Resources |
Things we use to satisfy our wants and needs |
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Service |
Something people do for other people for money |
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Specialize |
To do a certain job |
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Supply |
Products and services businesses provide |
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Trade |
The exchange of one good or service for another |
