What is an economy?
all the ways people make, sell and buy goods and services
What are goods?
physical objects
What are services?
things that we pay other people to do
What is a producer?
someone who makes or grows goods or offers services
What is a cognate?
words that are similar in one or more languages
What is a consumer?
a person that buys and uses goods and services
What are needs?
things that we need to live
What are wants?
things that we don't need to survive
What is scarcity?
when there is not enough of something
