Economics is... The study of money
Paper money is called… currency
Money made of metal is called….. Coins
When there is NOT enough of what you want, it is called…. scarcity
Things we use to satisfy our wants are called…… resources
When there is NOT enough resources to satisfy our wants (keep us happy) it is called…. Limited Resources
The best thing you give up to get something else is called….. Opportunity Cost
A person who uses a good or a service is called a…. Consumer
Something people want that you can hold or touch is called a……. Good
Something people DO for other people is called a ….. Service
The money you earn is called….. Income
Putting resources together to make goods or provide services is called…. Production
A PERSON who MAKES a good or provides a service is called a…… Producer
Resources found in people, such as their skills or ideas is called….. Human Resources
The things that nature provides like water, minerals, and fish that we use to satisfy our wants are called….. Natural Resources
Good that are used to make other goods or to provide services are called…… Capital Resources
Paper money is called… currency
Money made of metal is called….. Coins
I want to buy a Webkinz, but all of the stores are sold out I want to buy a Webkinz, but all of the stores are sold out. This is called….. scarcity
Food, money, toys, paper, pencils…they all help us do something we want, so they are called…. resources
I really want two new shirts, but I only have enough money for one, so I only buy one. The shirt I did not buy was my….. Opportunity Cost
When I buy food at a restaurant or get a haircut, I am being a ….. Consumer
Food, candy, football, Webkinz, bike, markers, DVD’s are all….. Goods
Car wash, going to the movies, a haircut, dry cleaning, going to the water park or the zoo are all …… Services
When a factory gets all the parts to make a car, it is called …… When a chef at a restaurant puts all the ingredients together to make a meal, it is called… Production
Human Resource, Natural Resource or Capitol Resource? Iron is a …. Natural Resource
Human Resource, Natural Resource or Capitol Resource? An engineer (someone who designs cars) Is a …. Human Resource
Human Resource, Natural Resource or Capitol Resource? A car is a….. Capitol Resource
Human Resource, Natural Resource or Capitol Resource? Water is a …. Natural Resource
Human Resource, Natural Resource or Capitol Resource? A school building is a …. Capitol Resource
Human Resource, Natural Resource or Capitol Resource? A teacher is a …. Human Resource