3A Economics Vocabulary

What is scarcity?

• When there is a small amount of something available.
• A large amount of an item available.
• Scary things that happen in the economy.
• This is not part of an economy.

When the demand of something goes up, the supply usually goes...

• Up
• Sideways
• Down
• Goes to 0 Immediately

When the supply of something goes down, the demand usually goes...

• Up
• Down
• Sideways
• Off the Chart

What are human resources?

• People who make and sell your products.
• Things found in nature used to make a product.
• Goods made and used to produce other goods and services.
• Not having enough people to work.

What are natural resources?

• People who make and sell your products.
• Things found in nature used to make a product.
• Goods made and used to produce other goods and services.
• Nature is a beautiful place.

What are capital resources?

• People who make and sell your products.
• Things found in nature used to make a product.
• Goods made and used to produce other goods and services.
• The United States of America

A person purchasing the good or service

• commodity

• consumer

• creator

• producer

The study of how individuals and societies use resources to produce goods and services.

• economics

• inflation

• market

• barter

An item that is traded in an economy.

• goods

• services

• demand

• profit

An activity that a business or person trades for payment.

• services

• supply

• scarcity

• land