Economics is... The study of money.

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Presentation transcript:

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