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22 Cards in this Set
- Front
- Back
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needs
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Things we must have to live. Examples are food, clothing, and shelter
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wants
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Things that we would like to have, but do not need to live.
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resource
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Something that we can use such as water and plants.
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scarce
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When there is not enough of something.
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benefit
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A good result from a choice you make.
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cost
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The price of something.
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opportunity cost
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The thing you give up when you make a choice.
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goods
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Things that people make or grow.
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producer
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A person who makes or grows goods.
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consumer
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A person who buys and uses goods.
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income
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Money that people earn.
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natural resource
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Something useful that comes from the earth such as air, water, sunlight, and soil.
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skill
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Knowing how to do something.
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specialize
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To do one kind of thing very well.
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trade
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To buy, sell, or exchange goods or services with someone else.
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barter
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To trade goods or services without using money.
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demand
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How many people want something.
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supply
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How much of something there is.
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save
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To keep something to use later.
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savings
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Money that you do not spend right away.
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borrow
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To use something now and give it back later.
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loan
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When people borrow money. A loan needs to be paid back at a later time.
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