Economics - myWorld Chapter 2

Items you can see

• goods

• services

• consumers

• producers

work that people do

• goods

• services

• consumers

• producers

A user of goods and services

• consumer

• producer

• needs

• wants

The makers of goods

• consumers

• producers

• needs

• wants

To bring in goods from another country

• export

• carry

• deliver

• import

To send goods out to another country

• export

• deliver

• carry

• import

people's talents and skills

• natural resources

• capital resources

• human resources

• trade-off

human-made items used to make other goods or provide services

• natural resources

• capital resources

• human resources

• opportunity cost

To give up one thing for another

• opportunity cost

• resource

• trade-off

• needs

What you have to give up to get something else

• opportunity cost

• trade-off

• needs

• benefit