Economics Vocab Flashcard

Front

A person who uses resources to make goods or provide services is a _____________.

Back

producer

Front

Example of a service?

Back

babysitting

Front

Limited resources prevent meeting all wants.

Back

scarcity

Front

Focus on providing certain goods/services

Back

specialization

Front

Trading for desired items not owned

Back

interdependency

Front

The choice given up when making an economic decision

Back

opportunity cost

Front

Not a capital resource:

Back

a tree

Front

What is a need?

Back

something you must have to survive

Front

Exchanging goods and services WITHOUT money is called __________.

Back

bartering

Front

Choosing from options is called _________________.

Back

economic choice