We will be having our Econ Vocab Quiz on Wednesday, November 11
Currency – any kind of money that people in a country use for trade
Goods – things people buy or sell
Services – work that one person does for another
Scarcity – a lack of goods or services
Cost – a loss, sacrifice, or negative result
Benefit – a gain, advantage, or positive result
Choice – what you can decide on when making a decision
Trade – to exchange things with someone else
Opportunity Cost – what you are giving up (did not choose) when making a choice
Consumer – someone who buys a good
Budget – a plan for using money
Income – money people earn for work
Producer – someone who makes or sells goods
Human resource – the skills, knowledge, and hard work that people bring to their jobs
Natural resource – the goods found in nature that we use
Capital resource – things made by people that help workers make goods or provide services
Entrepreneur – a person who takes a risk, or chance, and starts a business
Interdependence – when people and companies are dependent on each other
Import – to buy goods or services from sellers in other countries
Export – to send goods to services to another country for trade or sale
Industry – all of the people and companies that sell similar goods or services
Currency – any kind of money that people in a country use for trade
Goods – things people buy or sell
Services – work that one person does for another
Scarcity – a lack of goods or services
Cost – a loss, sacrifice, or negative result
Benefit – a gain, advantage, or positive result
Choice – what you can decide on when making a decision
Trade – to exchange things with someone else
Opportunity Cost – what you are giving up (did not choose) when making a choice
Consumer – someone who buys a good
Budget – a plan for using money
Income – money people earn for work
Producer – someone who makes or sells goods
Human resource – the skills, knowledge, and hard work that people bring to their jobs
Natural resource – the goods found in nature that we use
Capital resource – things made by people that help workers make goods or provide services
Entrepreneur – a person who takes a risk, or chance, and starts a business
Interdependence – when people and companies are dependent on each other
Import – to buy goods or services from sellers in other countries
Export – to send goods to services to another country for trade or sale
Industry – all of the people and companies that sell similar goods or services