Vocab

Question 1

Economics

Answer 1

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

Question 2

Basic needs

Answer 2

Thing 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 you buy

Question 5

Services

Answer 5

A job a person provides and is paid for

Question 6

Consumer

Answer 6

A person who buys and uses goods

Question 7

Producer

Answer 7

A person who makes goods or provides services

Question 8

Trade

Answer 8

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

Question 9

Barter

Answer 9

Exchanging goods and survives with out using money

Question 10

Import

Answer 10

To bring into a place country form another country

Question 11

Export

Answer 11

To send to another place or country

Question 12

Supply

Answer 12

How much there is of goods and services

Question 13

Demand

Answer 13

How much the goods and services are needed/wanted

Question 14

Economic choice

Answer 14

A choice to buy one thing and not the other

Question 15

Opportunity cost

Answer 15

The choice given up

Question 16

Scarcity

Answer 16

A lack of resource

Question 17

Natural resources

Answer 17

Materials that come from nature

Question 18

Capital resources

Answer 18

Goods made by people used to make other goods and services

Question 19

Human Resources

Answer 19

People working to produce goods and services