Economics

A person who uses goods and services is called a

• barter

• human resource

• consumer

• producer

_______ are people who work to provide goods and services

• human resources

• producers

• consumers

• awesome people

The exchange of goods and services without the use of money is called

• economic choice

• barter

• opportunity cost

• banking

The next best choice (one that is given up) is called the

• economic choice

• opportunity cost

• capital resource

• human resource

Activities that satisfy people's needs and wants are called

• goods

• human resources

• capital resources

• services

_______ are goods made by people that are then used to produce other goods.

• natural resources

• human resources

• economic choice

• capital resources

__________ occurs when a business or group of people focus on producing one kind of good or service.

• scarcity

• economic choice

• opportunity cost

• specialization

What do people or regions do when they cannot make something that they need or want?

• decide to use something else

• steal it from other people

• learn to live without it

• trade with other people or regions

What are the benefits of specialization?

• becoming better at doing one thing

• becoming self-sufficient

• being able to produce everything

• avoiding trade with others

A jeweler making a necklace.

A baker making bagels.

A hairdresser styling hair.

This list shows examples of

• opportunity cost

• specialization

• interdependece

• economic choice