Basic Economics

Front

What is a consumer?

Back

buys, then uses up a good or service

Front

Natural resources are

Back

something found in nature that satisfies our wants and needs (like a tree cut down for timber)

Front

Human Resources are

Back

found in people, like their skills and ideas

Front

A Good is

Back

something made or gathered from nature to use or sell (like paper)

Front

A Service is

Back

something people do for other people (like pick up their trash)

Front

When you have INCOME, you have

Back

money that you earned (used to buy a good or service)

Front

The amount of goods or services available to sell at a given time is called______________

Back

supply

Front

The amount of goods or services people are willing to buy at a specific time is called____________

Back

demand

Front

Labor is

Back

the work that people do when producing goods or services

Front

Anything commonly used to exchange good and services is called

Back

money