People’s DESIRES that can be satisfied by consuming (using) goods and /or services

THINGS or PRODUCTS people make or grow that satisfy economic wants; things people desire and consume (use)

ACTIONS OR ACTIVITIES performed by people to satisfy economic wants

Gifts of NATURE that can be USED TO PRODUCE goods or services

PEOPLE doing physical or mental work TO PRODUCE goods or services

Things MADE BY PEOPLE AND USED TO PRODUCE other goods and services

RESOURCES ARE LIMITED and you do not have an endless supply so you cannot meet everyone’s wants.

Individual people focus on producing a few things or one thing instead of making everything they want by themselves. They then trade for other goods and services they want or need.

People, businesses, and nations DEPEND ON OTHERS to make goods and services to satisfy the wants they cannot satisfy on their own

Any PLACE or SYSTEM that allows buyers and sellers to EXCHANGE GOODS OR SERVICES

Medium of exchange USED TO BUY AND SELL resources, goods, or services

ALL of the people, machines, AND natural things needed to produce a product or service

A hammer is a...

The PERSON who cuts your hair at the hair salon is a...

A grocery store, a restaurant, and a hair salon are all examples of...

You want to make cookies and bake a cake, but you only have enough flour to do one of those things, so you have to make a choice. This is an example of...

A t-shirt maker depends on buying cloth from one company and buying sewing machines from another company. Without these companies, the t-shirt maker could not produce its product. This is an example of...

U.S. dollar bills and ancient Roman coins are both examples of...

Teachers: Create FREE classroom games with your questions Click for more info!
©2007-2024 Review Game Zone | About | Privacy | Contact | Terms | Site Map