Mrs. Wilborne’s Flash Cards! Social Studies Mrs. Wilborne’s Flash Cards!

What are natural resources? Materials that come from nature (water, soil, wood, coal).

What are human resources? People working to produce goods and services

What are capital resources? Goods made by people and used to produce other goods and services (machines, tools, buildings).

What are producers? People who use resources to make goods and/or provide services

What are goods? Goods: Things that people make or use to satisfy needs and wants.

What are services? Activities that satisfy people’s needs and wants

What is bartering? Trading with or without money

What is specialization? Being an expert in one job, product, or service

What is interdependence? Depending on others in the production of goods and services

What is opportunity cost? What is given up when making a choice

What are consumers? People who use goods and services