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Description
Flashcards by Dawn Kelly, updated more than 1 year ago
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Created by Dawn Kelly
over 1 year ago
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| Question | Answer |
| ECONOMICS | the study of money and how we earn it and spend it ex: economic systems, trade, and production, circular flow |
| COMPETITION | helps the consumer get a fair price ex: two producers selling the same product |
| CONSUMER | a person who buys a good, product, or service and uses it ex: person buying a pie at a fair |
| PRODUCT | what good is being created by a producer; the product can be sold for money and/or traded ex: a fish tank |
| DEMAND | how much a product is wanted or needed ex: chocolate vs vegetables |
| SUPPLY | the amount of a product that is made ex: big supply of school products in August |
| SCARCITY | when you don't have enough supply to make the product (when demand is bigger than supply) ex: in third world countries needed items are scarce |
| INTERDEPENDENCE | people and systems working together (like when someone needs help) ex: Walker and Hall pass the ball to each other |
| PRODUCER | who makes the product ex: bees produce honey grandma produces the product The Mitten |
| OPPORTUNITY COST | the thing you did not choose ex: choosing between buying a dinosaur or teddy bear - if you buy the dinosaur, the teddy bear is the opportunity cost |
| CHOICE | you pick something ex: you want a water bottle and a book, you can only buy one, you buy the book |
| WANT | something you don't need, but you would like to have ex: toys, school, bed, pets, candy, fast food, electronics, books |
| NEED | something you have to have to survive ex: water, food, air, shelter, clothes |
| HUMAN RESOURCE | people and their skills ex: Uncle Jed cutting hair |
| NATURAL RESOURCE | things found in nature that humans find useful ex: water, wood |
| CAPITAL RESOURCE | things that are used to produce more goods and services ex: cash register, scissors |
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