Economics - VA SOL Vocabulary

What is needed to produce goods and services?

• Money

• Economics

• Resources

• Opportunity Cost

What are the 3 types of resources?

• Human

• Economic

• Capital

• Natural

What is a good?

• Something someone does for another person

• Something you really want

• Something you need to live

• Something someone makes with resources

What is a service?

• Something someone does for another person

• Something you really want

• Something you need to live

• Something someone makes with resources

Which are examples of human resources?

• Windmill

• Farmer

• Construction Worker

• Hammer

Which are examples of natural resources?

• Water

• Wind

• Soil

• Coal

Which are examples of capital resources?

• Teacher

• Computers

• Tools

• Buildings

What is specialization?

• When people depend on others for things they can't make themselves

• A type of good and service

• When people focus on providing only certain goods and services

• What you give up when you make an economics choice

What is interdependence?

• When people depend on others for things they can't make themselves

• A type of good and service

• When people focus on providing only certain goods and services

• What you give up when you make an economics choice

What is an economic choice?

• Natural, human, and capital resources

• A decision someone makes due to scarcity

• The next best choice

• What you give up when you make a choice between two things