Basic Econ Terms

______ is the study of the making, buying, and selling of goods and services.

• Economics

• Interdependence

• Human Resources

• Profit

______ is something you would like to have but is not necessary for survival.

• Need

• Barter

• Want

• Specialization

______ is something you must have in order to live.

• Opportunity Cost

• Deman

• Free Enterprise

• Need

_____ means to trade with someone to get what you both want.

• Natural Resources

• Economics

• Barter

• Services

______ are people working to produce goods and services.

• Economic Choice

• Profit

• Goods

• Human Resources

_______ are goods made by people and used to produce other goods and services.

• Capital Resources

• Specialization

• Natural Resources

• Supply

_______ are materials that come from nature.

• Need

• Economics

• Natural Resources

• Profit

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

• Goods

• Demand

• Supply

• Natural Resources

______ are activities that satisfy people's needs and wants.

• Loss

• Opportunity Cost

• Human Resources

• Services

A(n) _______ is a person who comes up with a product or service, or a better way to produce one.

• Barter

• Economics

• Entrepreneur

• Supply