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10 pt 15 pt 20 pt 25 pt 5 pt 10 pt 15 pt 20 pt 25 pt 5 pt 10 pt 15 pt 20 pt 25 pt 5 pt 10 pt 15 pt 20 pt 25 pt 5 pt 10 pt 15 pt 20 pt 25 pt 5 pt Goods and Services Supply and demand ResourcesSavingsMiscellaneous
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Objects that can satisfy peoples wants
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What are goods?
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Making decisions is also known as
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What is a choice?
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Activities that people do for others such as landscaping, pulling teeth, and cooking
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What is a service?
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Goods or services that are necessary for survival
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What is a need?
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Things that you would like to have
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What is a want?
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The person who purchases a good
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What is a consumer?
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Trading goods and services
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What is an exchange?
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A place where producers and consumers set their prices
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What is the market?
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The amount of product that exists
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What is supply?
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How many people want a product
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What is demand?
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Used by producers to make goods and services in order to satisfy customers wants
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What are resources?
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Gifts of nature
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What is a natural resource?
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People who actually do the work
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What is a human resource?
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Tools, machinery, and equipment used for goods and services
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What is capital resources?
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Exists when there are not enough resources to make all the goods and services people want or need
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What is scarcity?
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Putting money to the side or starting a bank Account in order to meet a goal
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What is savings?
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Saving money for a few weeks in order to buy a particular good
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What is a short term goal?
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Saving money for a long period of time in order to purchase an expensive item
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What is a long term goal?
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When a consumer decides what they are going to save their money to purchase
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What is a savings goal?
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The best alternative that must be given up when a choice is made
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What is an opportunity cost?
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A spending and savings plan
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What is a budget?
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Another word for trade
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What is barter?
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Shells, salt, gold
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What are former currencies?
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The attempt to impact or influence consumers
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What is advertising?
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Friends or others who try to persuade you to buy or do something
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What is peer pressure?
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