Michigan Economics -3rd Grade

the study of the buying, making, and selling of goods and services

• good

• economics

• scarcity

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

• Producers

• Services

• Goods

• Resources

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

• Goods

• Services

• Needs

• Wants

_______________ 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

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

• opportunity cost

• economic choice

• economic interdependence

• economic specialization

Two or more people depending on each other for goods and services is called __________________________.

• economic specialization

• scarcity

• economic choices

• economic interdependence

Being an expert in one job, product, or service is called ___________________.

• economic interdependence

• economic specialization

• opportunity cost

• scarcity

The choice between two goods or services is known as ___________________.

• scarcity

• opportunity cost

• economic choice

• economic specialization

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

• scarcity

• economic choices

• resources

• opportunity cost