Economics Review

What you give up when making a decision.

• long term goal

• opportunity cost

• producer

Someone who buys or uses goods and services.

• producer

• services

• consumer

People who produce goods and services.

• producer

• consumer

• market

Resources that come from nature: water, soil, trees, coal, etc.

• natural resources

• scarcity

• market

Opportunity cost is...

• the exchange of goods and services in a market

• the value of the next best choice when you choose something else

• the price you pay for goods and services

Work that is done by others.

• services

• consumer

• economics

The act of trading goods and services you have for goods and services you want

• boat

• trade

• goods

A good that is used to produce many other goods and services

• capital resource

• human resource

• natural resource

Which of these is a human resource?

• Iron
• Teacher
• Building
• Road

Which of these is a natural resource?

• Lumber
• Teacher
• Building
• Road