Economics Unit
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| opportunity cost | the thing that you give up when you buy something
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| needs | things that you cannot survive without (water, food, shelter, clothing)
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| wants | things we like to have, but are not necessary to survive
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| producer | a person who makes a good or provides a service
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| consumer | a person who buys a good or a service
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| good | anything you buy that you can hold or touch
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| service | an activity you pay someone to do for you instead of doing it yourself
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| resource | something used to produce goods and services
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| natural resources | things made by nature that people use to create a product
ex: water, lumber, etc...
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| human resources | the people needed to produce goods and provide services
ex: workers
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| capital resources | goods that are used to make other goods or to provide services
ex: machines or tools
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| labor | the physical and mental effort used to produce goods and provide services
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| money | anything that is accepted as final payment for goods and services
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| currency | a country's system of money
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| specialization | making one kind of good or providing one kind of service
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| interdependence | depending on others to produce things that you need
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| deposit | to put money into your bank account
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| withdrawal | to take money out of your bank account
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| earning interest | money that the bank pays you for letting them loan it to others
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| paying interest | money that you pay for the privilege of borrowing money from the bank
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| trade | exchanging one good or service for something else (usually money)
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| barter | to trade for goods or services without using money
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| scarcity | not having enough of something
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| import | to bring in goods and/or services from another country
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| export | to send goods and/or services to other countries all over the world
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| supply | the amount of something that is available
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| demand | the number of people who want or need something
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Review the information in the table. When you are ready to quiz yourself you can hide individual columns or the entire table. Then you can click on the empty cells to reveal the answer. Try to recall what will be displayed before clicking the empty cell.
To hide a column, click on the column name.
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You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
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