1. 7th Grade SS Vocabulary Review
Economics—The Basics
7th Grade SS Vocabulary Review

2. Consumers vs. Producers
The buyer
A person who creates goods or services
Consumers vs. Producers

3. Goods & Services What is a “good”? What is a “service”?
Something that you can use or consume, like food or books..
Something that someone does for you, like give you a haircut, fix you dinner, or teach you!
Goods & Services

4. Supply & Demand Supply Demand
The amount of a good or service that is available to use
Demand
The desire for a certain good or service. (like Jordans)
Supply & Demand

5. Naturally occurring materials such as coal, fertile land, and water.
Natural Resources

6. Renewable vs. Nonrenewable
Resources that can be replaced as they are used up:
Soil
Air
Water
Wood
Sunlight
Natural resources that cannot be replaced once they are used up:
Oil
Coal
Gas
Uranium
Renewable vs. Nonrenewable

7. Capital Goods/Resources
Goods used to produce other goods and services ( ex. machines and factories)
Capital Goods/Resources

8. Human Capital/Resources
Human beings working toward producing goods and services
(ex. labor)
Human Capital/Resources

9. When a country concentrates on producing a limited type of goods so they can trade them for goods made by others.
Specialization