Economic Concepts and Terminology

Front

Materials that come from nature (water, soil, wood, coal) are...

Back

Natural Resources

Front

People who use resources to make goods and/or provide services are called...

Back

Producers

Front

Focusing on one good or service is called...

Back

Economic Specialization

Front

The next best choice that is given up when a decision is made is called the...

Back

Opportunity Cost

Front

Things that people make or use to satisfy needs and wants are called...

Back

Goods

Front

_______ are activities that satisfy people's needs and wants.

Back

Services

Front

Jenny only had enough money to buy either one candy bar or a juice. She made a decision to buy the candy bar. This is an example of...

Back

Economic Choice

Front

When Beanie Babies first came out, they were almost impossible to find. This is an example of...

Back

Scarcity

Front

The Ancient Chinese traded goods, such as silk, for other goods, such as glass. This trading is called...

Back

Barter

Front

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

Back

Goods