• ECONOMICS UNIT STUDY GUIDE

    Things that people make or grow are called GOODS

     

    Someone who buys and uses goods and services is a CONSUMER.

     

    Something useful that people do for others is called a SERVICE.

     

     

    Someone who makes or grows products to sell is a PRODUCER.

     

    When there isn’t enough of something that you want, it is called SCARCITY.

     

    Exchanging goods and services without using money is called BARTERING.

     

    Coins, paper bills, and checks are forms of MONEY.

     

    Be able to give an example of each:

     

    NATURAL RESOURCE – something that we use that can be found in nature. 

     

    CAPITAL RESOURCE – something that we use that is manmade.

     

    HUMAN RESOURCE – People who provide a service (jobs).