Economics Chapter 1

Tools we use to make products

• capital resources
• human resources

A person who buys goods and services

• consumer

• entrepreneur

The making, buying and selling of goods and services

• economics
• inflation

Something we pay for that we can touch

• goods
• services

The place where goods and services are exchanged

• currency
• market

What is a need?

• Something that is required for survival

• Something you would like to have

What is a want?

• A person
• Something you would like to have but don't need to live
• Something you need to live

Which of the following is not a service?

• Dry Cleaner
• Car Wash
• Clothes
• Babysitter

________ is the most basic economic problem.

• Scarcity
• Greed

What do teachers get paid for?

• Their service (providing education)

• The crafts they make