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

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

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

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

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

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

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

8. What is bartering?
Trading with or without money

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

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

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

12. What are consumers?
People who use goods and services