| A | B |
|---|
| Name the three types of resources used in producing goods and services. | Natural resources, labor resources, capital resources |
| What type of natural resources can be replaced? | renewable |
| What type of natural resources can never be replaced once they are used up? | nonrenewable |
| What are labor resources? | mental or physical work |
| What are choices? | The options a person has when making a decision. |
| What does "opportunity cost" mean? | It is what a person gives up when making a choice. |
| What does scarcity mean? | Not enough of something. |
| What are capital resources? | Tools, buildings, and other physical things that are used to make goods. |
| What is an economy? | A system of exchange of goods and services. |
| What is a natural resource? | A kind of resource not created by people. |
| What are goods? | Physical products which can be sold to a consumer. |
| What is a consumer? | A person who purchases goods and services. |
| What is an economist? | A person who studies economics. |
| What is a consumer service? | A service bought and used by an individual customer or household. |
| What is an industrial service? | A service bought and used by businesses. |
| What is a profit? | The amount of money left after the cost of producing a good or service. |
| What is revenue? | Total amount of money earned. |
| What is a debit card? | A card that is used to draw money out of a checking account. |
| What is a credit card? | A charge card. |
| What is consuming? | The way we satisfy our needs and wants. |
| Name the four basic economic needs. | Food, water, shelter, clothing |
