Shared Flashcard Set

Details

Scarcity
People have unlimited wants and only limited resources
37
History
2nd Grade
06/03/2008

Additional History Flashcards

 


 

Cards

Term

wants

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Definition
things that people want to have but do not need to stay alive
Term

needs

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Definition
things you need to survive
Term

   service

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Definition
an activity that someone does to help another person
Term

trade

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Definition
exchanging items or services
Term

consumer

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Definition
a person who buys and uses goods and services
Term
producer

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Definition
a person who grows, makes, or sells products
Term

products

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Definition

items that are valued and sold

Term

limited resources

 

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Definition
having only a certain amount of something
Term

natural resources

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Definition
materials used to make a product (i.e. trees)
Term

human resources

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Definition
people that work in factories and make things
Term

capital resources

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Definition
all of the tools used to make a good
Term

occupation

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Definition
a job a person works at to earn money
Term

income

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Definition
money that people earn
Term

business

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Definition
a place owned by a person that provides goods or services
Term

free enterprise

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Definition
the freedom to start and run a buisness to make money
Term

budget

 

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Definition
a plan that shows how much money you have saved or have to spend
Term

bank

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Definition
a business that keeps money safe
Term

benefits

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Definition
something that promotes well-being
Term

personal savings

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Definition
money that you have saved
Term

items

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Definition
a thing you can see or touch; can be used to buy, sell, or trade
Term

scarce

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Definition
not having enough of something
Term

source

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Definition
where something comes from
Term

conservation

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Definition
saving resources to make them last longer
Term

fuel

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Definition
a resource that can be burned for energy
Term

environment

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Definition
all of the things that people find around them
Term

technology

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Definition
the use of new objects and ideas in everyday life
Term

cost

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Definition
the amount of money, items, or labor to buy or make something; a price
Term

opportunity cost

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Definition
the choice that you do not choose
Term

money / currency

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Definition
what we use to buy things; such as items or services
Term

goods

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Definition
things that can be bought or sold
Term

factory

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Definition
a building in which people use tools to make goods
Term

invention

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Definition
a new product that has not been made before
Term

marketplace

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Definition
where goods and services are bought and sold
Term
barter

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Definition
to exchange things without using money
Term

communication

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Definition
the sharing of ideas and information
Term

tax

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Definition
money people pay to the government
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