6th Grade Unit 6 ECONOMICS VOCABULARY 5

This includes sporting equipment, books, CDs and clothing- almost anything that you can touch.

• Goods
• Services
• Scarcity
• Available

Actions that people perform for others, including things such as piano lessons, haircuts, and airplane trips -things you cannot actually touch or hold.

• Goods
• Services
• Scarcity
• Available

Government rulers tell members of society how the fundamental questions will be answered.

• Command Economy

• Free Market Economy

• Traditional Economy

• The Chicken Economy

People own their own goods and property; producers are free to decide what goods and services to make and what prices to charge.

• Command Economy

• Free Market Economy

• Traditional Economy

• The Cheese Economy

People simply follow tradition and do whatever their ancestors did (example- If grandfather and dad were fisherman, then son will be a fisherman).

• Command Economy
• Free Market Economy
• Traditional Economy
• The Chili Economy

The workers who produce the goods and service (example-Miners, doctors and teachers)

• Human Resources
• Capital Resources
• Natural Resources
• Scarcity

Resources like tools, machinery, equipment, and money used by people to help produce other things.

• Human Resources

• Capital Resources

• Natural Resources

• Scarcity

A person who starts a business to produce a new product in the marketplace is known as a

• manager

• entrepreneur

• consumer

• CEO

The resources used in the production of goods is limited; this is an example of

• opportunity cost

• scarcity

• supply

• factors of production

Economics is best defined as the study of how people, businesses, governments, and societies

• attain wealth.

• use their infinite resources

• choose abundance over scarcity.

• make choices to cope with scarcity.