Basic Economics
Terms
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- Goods that we must have to live are _________________.
- Needs
- People buy things using _______________.
- Money
- Goods we like to get, but we do not need to live are called ________________.
- Wants
- A teacher is a _______________ resource.
- Human
- Jobs that people do to help other people are ________________.
- Services
- The study of how people use resources.
- Economics
- Natural resources are sometimes called __________ _______________.
- Raw Materials
- _______________ are people or companies that sell goods and services.
- Producers
- _______________ buy goods and services.
- Consumers
- The government gets its money by collecting ________________.
- Taxes
- When there is not enough of something that we want it is called _________________.
- Scarcity
- A trade that does not use money is called a _______________.
- Barter
- When you have to give up something to make a choice it is called _________________ ________________.
- Opportunity Cost
- Water is ________________ a resource.
- Natural
- The three kinds of resources.
- Natural, Human, Capital
- Things that people make or grow.
- Goods