Economics Recap

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.7.2

CCSS.RL.6.2

CCSS.RL.7.1

CCSS.RL.7.2

CCSS.RL.8.1

another word for money

• barter
• economics
• currency
• price

Individuals who come up with a new idea for a good or service, then they make it a reality

• resource
• human resources
• consumer
• entrepreneur

The resources required to make a product (good or service)

• economics
• consumption
• four factors of production
• scarcity

People who work to make goods or provide services

• human resources
• capital resources
• natural resources
• entrepreneurs

Something we use from nature

• natural resource
• human resource
• capital resource
• entrepreneur

The idea that resources are limited; we don't have an unlimited supply of what we want

• scarcity
• supply
• demand
• inflation

The exchange of goods and services

• trade
• market
• economics
• consumer

If a drought severely reduces the amount of asparagus available to consumers, what would you expect to happen?

• The demand for asparagus will go down.
• The price of asparagus will go up.