There are only certain amounts of resources.

There is no end to the number of things people want and need.

Workers and their skills

Things in nature that people see as useful

Things that are used to produce more goods and services

When you make a choice and it's the second thing you wanted most

The study of how individuals and societies use their scarce resources to get goods and services

A system a society used to answer the basic economic questions such as what to produce

What is an example of scarcity?

A mechanic is a

A flag pole is a

A tree is a

The kind of economic system we have in our country

Someone who makes goods or provides services

Someone who buys goods or services

Money or value gained

Trading goods and services with others for other goods and services or for money

Workers and their skills

Money people earn by working

The pattern in which goods, services, and resources flow in the market place

You get a new car at the dealership.

You build cars at a factory.

What people pay when they buy a good or service

A good that can be used in place of another good

Rewards or penalties used to encourage people to behave in predictable ways

$25 speeding ticket for driving too fast

$50 Reward for finding lost dog

When Individuals, regions, and countries produce certain kinds of goods and services

When the production of a good is broken down into many small jobs, each done by a different worker

The amount of goods and services produced

Coca Cola makes drinks is an example of Specialization.

Ford makes cars and trucks is an example of Specialization.

Hershey's makes candy, go-karts, dolls, trains, and chairs is an example of Specialization.

Goods and services that are produced by the government

Goods and services that are produced privately and sold to consumers

What people pay to the government in exchange for public goods and services

A person with a job

a person who is jobless, looking for a job, and available for work

people who are working or looking for work

a good that people in one country sell to people in another country

a good that people in one country buy from people in another country

When businesses sell the same good or service

Trading goods and services with others for other goods and services or for money

What people pay when they buy a good or service

When businesses sell the same good or service

A person with a job

A person who is jobless, looking for a job, and available for work

People who are working or looking for work

Unemployed are people...

Steve lost his job when the local plant of an aircraft manufacturing company closed down. Since then, he has been contacting other businesses in town trying to find a job. Steve is __

Linda is a stay-at-home mother. Last week, she was occupied with her normal household activities. She neither held a job nor looked for a job. Her 80-year-old father who lives with her has not worked or looked for work because of a disability. Linda and her father are ___

Garrett is 16 years old, and he has no job from which he receives any pay or profit. However, Garrett does help with the regular chores around his parents’ farm and spends about 20 hours each week doing so.