Economics Choices Flashcard

Front

_____________ are things that people make or use to satisfy their needs and wants.

Back

Goods

Front

________________ are activities that satisfy people’s needs and wants.

Back

Services

Front

______________ are people who use natural resources, human resources, and capital resources to make goods or provide services.

Back

Producers

Front

________________ are people who use services or buy goods.

Back

Consumers

Front

_______________ resources are materials that come from nature.

Back

Natural

Front

______________ resources are people working to produce goods or provide services.

Back

Human

Front

________________ resources are the things or machines that people use to make the goods or provide their services.

Back

Capital

Front

The good or service that you give up when you make an economic choice is called _____________________.

Back

opportunity cost

Front

The choice between two goods or services is known as ___________________.

Back

economic choice

Front

The term used when there is not enough of something to go around is __________________.

Back

scarcity