Economics

The things you must have to survive, like food, water, clothes and shelter.

• wants

• needs

• goods

• services

The things you would like to have but aren’t necessary to live.

• import

• exports

• wants

• needs

What you gain as a result of a decision you make.

• resource

• scarcity

• opportunity cost

• economic choice

What you give up as the result of a decision you make.

• economic choice

• opportunity cost

• goods

• services

The immediate results of the choices you make.

• future consequences

• present consequences

• consumer

• producer

The delayed results of the choices you make.

• present consequences

• future consequences

• economic choice

• opportunity cost

You don’t have enough of the thing you want.

• goods

• scarcity

• needs

• resource

Anything that you buy that you can hold or touch.

• services

• goods

• needs

• wants

An activity we pay someone else to do for us.

• goods

• services

• needs

• wants

A person who makes a good or provides a service.

• import

• producer

• consumer

• export