Economics Vocabulary Question Preview (ID: 33018)
Vocabluary 4th Grade Over Economics Terms.
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scarcity
a) not enough
b) There are only certain amounts of resources.
c) workers and their skills
d) Things in nature that people see as useful
limited resources
a) There are only certain amounts of resources.
b) things that are used to produce more goods and services
c) Uncle Bill
d) capital resources
human resources
a) workers and their skills
b) truck drivers
c) teachers
d) all of the above
natural resources
a) trees
b) cars
c) things in nature that people see as useful.
d) a and c
producer
a) someone who makes goods or provides services
b) a factory
c) a sheep
d) to trade
consumer
a) not enought
b) to trade
c) someone who buys goods and services
d) someone who drives a school bus.
exchange
a) someone who buys goods and services
b) water
c) not enough
d) to trade
opportunity cost
a) The cost of an ipad
b) What you give up to gain something else.
c) to trade
d) birthday wishes
capital resources
a) not enough
b) limited resources
c) things that are used to produce more goods and services
d) unlimited wants
specialization
a) when people produce only some of the goods and services they consume.
b) ox-cart man
c) buying candles
d) exhcange
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