Economics Chapter 1

Tools we use to make products

• capital resources
• human resources
• natural resources
• entrepreneurs

A person who buys goods and services

• consumer

• entrepreneur

• resource

The making, buying and selling of goods and services

• economics
• inflation
• barter

Something we pay for that we can touch

• goods
• services

The place where goods and services are exchanged

• barter
• currency
• market
• resource

What is a need?

• Nothing
• Something that is required for survival

• Something you would like to have
• Ice cream

What is a want?

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

Tags

CCSS.RL.6.2

CCSS.RI.6.2

CCSS.RI.5.2

CCSS.RL.5.2

CCSS.RI.7.2

Which of the following is not a service?

• Dry Cleaner
• Car Wash
• Clothes
• Babysitter

________ is the most basic economic problem.

• Scarcity
• Greed
• Capital

What do teachers get paid for?

• Their service (providing education)

• The crafts they make

• The notebooks you write in