5th grade Economics Vocabulary

_____________ are things that people make or use to satisfy their needs and wants.

• Goods

• Services

• Producers

• Consumers

________________ are activities that satisfy people’s needs and wants.

• Goods

• Services

• Needs

• Wants

______________ are people who use natural resources, human resources, and capital resources to make goods or provide services.

• Producers

• Services

• Goods

• Resources

________________ are people who use services or buy goods.

• Producers

• Resources

• Pretty

• Consumers

_______________ resources are materials that come from nature.

• Special

• Natural

• Human

• Capital

______________ resources are people working to produce goods or provide services.

• Capital

• Human

• Natural

• Manufactured

________________ resources are the things that people use to make the goods or provide their services.

• Natural

• Capital

• Company

• Human

The good or service that you give up when you make an economic choice is called _____________________.

• opportunity cost

• economic choice

• economic interdependence

• economic specialization

The term used when there is not enough of something to go around is __________________.

• scarcity

• economic choices

• resources

• opportunity cost

How much people want something

• supply
• demand