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QR Challenge: Economics Vocab 5th Grade

QuestionAnswer
This happens when there's not enough of something you want.Scarcity
In economic problems, people have to make choices because of scarcity.Economic problem
Decisions.Choices
Things we use to satisfy our wants.Resources
Not enough resources to satisfy all our wants.Limited Resources
The best thing you give up to get something.opportunity cost
Something people want that you can hold or touch.Good
A person who uses a good or service.consumer
Something people do for other people.service
The money you earn.income
A person who makes a good or provides a service.producer
Resources found in people, such as their skills and ideas.human resources
Putting resources together to make goods or provide services.production
The many things nature provides that we use to satisfy our wants.natural resources
Goods that are used to make other goods or to provide services.capital resources
People depend on each other.interdependence
To do a certain job.specialize
Depending on each other.interdependent

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