Economics Unit Word Scramble
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| Term | Definition |
| opportunity cost | the thing that you give up when you buy something |
| needs | things that you cannot survive without (water, food, shelter, clothing) |
| wants | things we like to have, but are not necessary to survive |
| producer | a person who makes a good or provides a service |
| consumer | a person who buys a good or a service |
| good | anything you buy that you can hold or touch |
| service | an activity you pay someone to do for you instead of doing it yourself |
| resource | something used to produce goods and services |
| natural resources | things made by nature that people use to create a product ex: water, lumber, etc... |
| human resources | the people needed to produce goods and provide services ex: workers |
| capital resources | goods that are used to make other goods or to provide services ex: machines or tools |
| labor | the physical and mental effort used to produce goods and provide services |
| money | anything that is accepted as final payment for goods and services |
| currency | a country's system of money |
| specialization | making one kind of good or providing one kind of service |
| interdependence | depending on others to produce things that you need |
| deposit | to put money into your bank account |
| withdrawal | to take money out of your bank account |
| earning interest | money that the bank pays you for letting them loan it to others |
| paying interest | money that you pay for the privilege of borrowing money from the bank |
| trade | exchanging one good or service for something else (usually money) |
| barter | to trade for goods or services without using money |
| scarcity | not having enough of something |
| import | to bring in goods and/or services from another country |
| export | to send goods and/or services to other countries all over the world |
| supply | the amount of something that is available |
| demand | the number of people who want or need something |
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