Vocab

Question 1

economics

Answer 1

Making, buying, or selling,that people need or want

Question 2

Basic needs

Answer 2

Things people need to survive (food,water,shelter, air)

Question 3

Wants

Answer 3

Things people would like to have

Question 4

Goods

Answer 4

Things to buy

Question 5

Services

Answer 5

A job a person provides and is paid for

Question 6

Supply

Answer 6

How much there is of goods and services

Question 7

demand

Answer 7

How much the goods and services are needed /wanted

Question 8

Consumer

Answer 8

A person who buys and uses good

Question 9

Producer

Answer 9

a person who makes goods or provides services

Question 10

Specialization

Answer 10

Focus on a single product or service

Question 11

Interdependence

Answer 11

People dependent on each other

Question 12

barter

Answer 12

Exchanging goods and services without using money

Question 13

Trade

Answer 13

The process of buying, selling, or exchanging goods and services using money

Question 14

Import

Answer 14

To bring into a place or country from another country

Question 15

Export

Answer 15

To send to another place or countruy

Question 16

Scarcity

Answer 16

A lack of resources

Question 17

Economic choice

Answer 17

A decision to buy one thing and not another

Question 18

Opportunity cost

Answer 18

The choice given up

Question 19

Natural resources

Answer 19

Materials that come from nature

Question 20

Capital resources

Answer 20

Goods made by people used to make other goods and services

Question 21

Human Resources

Answer 21

People working to produce goods and services