Economics

Trading something for something else - no money involved

• demand

• barter

• goods

• market

Max is studying for his spelling test.  Unfortunately, his favorite TV program is on right now.  If he studies for the test, he will miss watching the show.  Max decides to study for his test instead of watching TV.  What is the opportunity cost of his decision?

• studying for a test
• watching TV 

Tools we use to make products

• capital resources
• human resources
• natural resources
• entrepreneurs

A person who buys goods and services

• consumer
• entrepreneur
• resource
• currency

Tags

CCSS.RI.3.2

CCSS.RI.4.2

CCSS.RL.2.2

CCSS.RL.3.1

CCSS.RL.3.2

iPhone X just came out and many people want it. What will happen to the price?

• 
• 

How much people want something

• supply
• demand

The making, buying and selling of goods and services

• economics
• inflation
• market
• barter

The Welch family has saved some money.  They can spend it on a vacation to the Grand Canyon or build a swimming pool in their back yard.  They decide to spend the money on a swimming pool.  What is the opportunity cost of their decision?

• vacation 
• swimming pool 

Something we pay for that we can touch

• goods
• services

People who work to make goods or provide services

• human resources
• capital resources
• natural resources
• entrepreneurs