Vocabulary

Question 1

Economics

Answer 1

Making,buying,or spelling something 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 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

Barter

Answer 8

Exchangeing goods and services WITHOUT using money.

Question 9

Trade

Answer 9

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

Question 10

Import

Answer 10

To bring into a place or country from an other 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 decision to buy one thing and not another

Question 15

Opportunity cost

Answer 15

The choice given up

Question 16

Scarcity

Answer 16

A lack of resources

Question 17

Interdependence

Answer 17

People depend on each other

Question 18

Specialization

Answer 18

Focus on a single product or service

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.