Economics

Front

What is economy?

Back

The decisions made about what goods and services to produce given the wealth and resources available.

Front

Exchanging goods and services is called

Back

trade

Front

Having less of a good or service than what is immediately needed is called

Back

scarcity

Front

Which of the following would be considered a natural resource? water, trains, store shelves, farmer

Back

water

Front

Which of the following would be considered a natural resource? tractor, waitress, wood, money

Back

wood

Front

Which of the following would be considered a human resource? sunlight, farmer, chicken, coal

Back

farmer

Front

Which of the following would be considered a human resource? water, cotton, truck, store clerk

Back

store clerk

Front

Which of the following would be considered a capital resource? tools, electrician, water, wind

Back

tools

Front

What is a good?

Back

Something that is produced or made

Front

What is a service?

Back

A task or activity that is performed (done) for you