Term
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Definition
| the production, distribution and consumption of goods and services |
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Term
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Definition
| things people would like to have, but they don't need them to live |
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Term
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Definition
| the basic things people need to survive (like clothes, food, water and shelter) |
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Term
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Definition
| one who produces (makes) a good or provides a service |
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Term
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Definition
| one who buys goods and uses services |
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Term
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Definition
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Term
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Definition
| a company that supplies goods and services for a profit |
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Term
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Definition
| the amount of money made by a company after it pays for its costs & expenses |
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Term
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Definition
| the money that producers earn from working |
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Term
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Definition
| an item (like a car, a book) |
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Term
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Definition
| a job that someone does to help other people (a haircut is a service) |
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Term
| Give examples of paid workers |
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Definition
| salespeople, restaurant workers, people who work at the toy store |
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Term
| Give examples of volunteer workers |
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Definition
| people who don't get paid like church workers, scout leaders, PTA helpers at our school |
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Term
| Give examples of public servants |
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Definition
| policewoman, fireman, teachers, mayors |
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Term
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Definition
| something you give up in order to get something else or do something else |
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Term
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Definition
| the amount of an item that a store has in stock to sell |
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Term
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Definition
| the amount of people who want to purchase and item |
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Term
| What happens to a price when the DEMAND is high? |
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Definition
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Term
| What happens when the DEMAND for something is low? |
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Definition
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Term
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Definition
| when there is not enough of a resource or an item |
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Term
| What are the types of resources? |
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Definition
| capital, human, and natural |
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Term
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Definition
| things or items made by people and are used to make other things (tools, machines, factories) |
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Term
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Definition
| things found in nature such as plants, water, minerals |
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Term
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Definition
| workers (people) who do the labor |
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Term
| Name one natural resource you might need for a lawn care business |
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Definition
| answers will vary -- but water, seeds, plants, even oil are correct |
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Term
| Name a capital resource that is used at school. |
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Definition
| answers will vary but the desks, computers, chairs, overheads, projectors, phones all are correct |
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Term
| Which type of worker does NOT earn an income? |
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Definition
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