10 pt 15 pt 20 pt 25 pt 5 pt 10 pt 15 pt 20 pt 25 pt 5 pt 10 pt 15 pt 20 pt 25 pt 5 pt 10 pt 15 pt 20 pt 25 pt 5 pt 10 pt 15 pt 20 pt 25 pt 5 pt Goods and Services Supply and demand ResourcesSavingsMiscellaneous

Objects that can satisfy peoples wants

What are goods?

Making decisions is also known as

What is a choice?

Activities that people do for others such as landscaping, pulling teeth, and cooking

What is a service?

Goods or services that are necessary for survival

What is a need?

Things that you would like to have

What is a want?

The person who purchases a good

What is a consumer?

Trading goods and services

What is an exchange?

A place where producers and consumers set their prices

What is the market?

The amount of product that exists

What is supply?

How many people want a product

What is demand?

Used by producers to make goods and services in order to satisfy customers wants

What are resources?

Gifts of nature

What is a natural resource?

People who actually do the work

What is a human resource?

Tools, machinery, and equipment used for goods and services

What is capital resources?

Exists when there are not enough resources to make all the goods and services people want or need

What is scarcity?

Putting money to the side or starting a bank Account in order to meet a goal

What is savings?

Saving money for a few weeks in order to buy a particular good

What is a short term goal?

Saving money for a long period of time in order to purchase an expensive item

What is a long term goal?

When a consumer decides what they are going to save their money to purchase

What is a savings goal?

The best alternative that must be given up when a choice is made

What is an opportunity cost?

A spending and savings plan

What is a budget?

Another word for trade

What is barter?

Shells, salt, gold

What are former currencies?

The attempt to impact or influence consumers

What is advertising?

Friends or others who try to persuade you to buy or do something

What is peer pressure?