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Economics
11 cards·by mgb002
What is economics?
Economics is goods and services that are produced, sold, and bought
What are some examples of goods?
cars, computers, or corn
What are some examples of services?
doctor, nurse, or a teacher
What is economic choice?
Choosing between two things we want to buy is called an economic choice.
What does barter mean?
Barter is to trade one thing for another.
Natural resources are:
resources that come from nature such as water and soil.
Human resources are:
people who work. for example, a farmer would be a human resource who uses natural resources and
capital resources to produce goods.
Capital resources are:
the machines, buildings, and other things used to do work.
Scarcity means:
there is not enough of something.
Producers are:
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Consumers are:
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