Goods\Services Flashcards
(26 cards)
Main Idea
Tells you what a paragraph is about.
Consumer
Person that buys or uses goods
Needs
Something we must have to live.
Producer
Person who makes or grows goods.
Wants
Things we would like to have but don’t need.
Resources
Things that are useful.
Scarce
Not enough of something.
Benefit
Good result from a choice.
Cost
Price of something
Opportunity Cost
The thing you give up when you choose something else.
Goods
Thing people make or grow.
Income
Money people earn
Natural resource
Something in nature ready for us to use.
Skill
Ability to do something well.
Specialize
To do one kind of thing really well.
Government worker
Person who works for a community and is paid through taxes.
Barter
Trade goods or services without money.
Demand
Amount of something people want
Supply
How much of something people want.
Trade
Buy/sell/exchange goods or services with someone.
Save
Keep money to use later.
Savings
Income you don’t use right away.
Borrow
Use something now and give it back.
Loan
Money someone borrows.
