Economics Vocabulary

What is a good?

• Teacher

• When something is in low supply.

• Things people make or grow to sell.

What is an example of a service?

• Needs

• Walking a dog

A want is...

• Something you NEED to survive

• A brand new Iphone!

What do you need?

• Water-Air-Candy

• Food- Shelter-Air-Water

• New clothes

• Popcorn

What is the definition of a producer?

• Someone who sells goods and services.

• The amount of goods or services available to the customers.

• Raw materials from the land.

What does a consumer do?

• Creates goods!

• Buys goods!

• Destroys goods!

How would you describe trying to find hand sanitizer during covid?

• Scarcity

• Service

Natural Resources are....

• Computers

• Mugs

• Mountains

Who is a Human Resource?

• Mom

• Computer

• Pencil

• Books

I went to lunch and got to choose what to eat, I choose apples instead of peaches. What is my opportunity cost?

• Apples

• Peaches

• Popcorn

• Chips and Salsa