7th Grade SS Vocabulary Review Economics—The Basics 7th Grade SS Vocabulary Review

Consumers vs. Producers The buyer A person who creates goods or services Consumers vs. Producers

Goods & Services What is a “good”? What is a “service”? Something that you can use or consume, like food or books.. Something that someone does for you, like give you a haircut, fix you dinner, or teach you! Goods & Services

Supply & Demand Supply Demand The amount of a good or service that is available to use Demand The desire for a certain good or service. (like Jordans) Supply & Demand

Naturally occurring materials such as coal, fertile land, and water. Natural Resources

Renewable vs. Nonrenewable Resources that can be replaced as they are used up: Soil Air Water Wood Sunlight Natural resources that cannot be replaced once they are used up: Oil Coal Gas Uranium Renewable vs. Nonrenewable

Capital Goods/Resources Goods used to produce other goods and services ( ex. machines and factories) Capital Goods/Resources

Human Capital/Resources Human beings working toward producing goods and services (ex. labor) Human Capital/Resources

When a country concentrates on producing a limited type of goods so they can trade them for goods made by others. Specialization