Economics

Trading something for something else - no currency involved

• demand
• barter
• goods
• market

Farmers grow crops to sell. Farmers are __________.

• consumers

• producers

A crew of men are hired to paint a new house.  They are providing a ____

• service
• product
• specialization
• good

When someone or a business chooses to specialize or produce certain items.

• Entrepreneur
• Economics
• Voluntary Exchange
• Specialization

Tools we use to make products

• capital resources
• human resources
• natural resources
• entrepreneurs

A person who comes up with a product or service, and finds the money and time to produce this new product.

• Entrepreneur
• Incentive
• Specialization
• Barter

What is a need?

• Nothing
• Something you have to have to live
• Something you would like to have
• Ice cream

Things that were not made by humans and are found in nature

• natural resources
• human resources
• capital resources
• services

How much of something is available

• supply
• demand

What is a good?

• A need
• A baseball game
• Things people do for money
• Things that people make or grow