Chapter 7 Lessons 1-3 | Baamboozle - Baamboozle | The Most Fun Classroom Games!

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Chapter 7 Lessons 1-3

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_________________ are things you must have to live.

Needs

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_________________ are things you would like to have but do not need.

Wants

15

There is ________________, when there is not enough of something to meet people's needs and wants.

scarcity

15

When there is __________________, there is a lot of something.

abundance

15

________________ are things that people make or grow and then sell.

Goods

15

A __________________ is work that one person does for another.

service

15

A _________________ is a person who makes a product or provides a service.

producer

15

A _________________ is a person who spends money to buy things he or she needs or wants.

consumer

15

A _______________ is the money that businesses have left after their costs are paid.

profit

15

The _____________ is the amount of goods or services that people can sell.

supply

15

The ________________ is the amount of goods and services that people want and can buy.

demand

15

An ______________ is to bring products and resources into one country from another.

import

15

An ________________ is to send products and resources from one country to another country.

export

15

List 3 needs and 3 wants.

Needs: healthy food, water, clothes, shelter. Wants: Basketball, toys, games

15

What are the 3 resources that businesses need to produce goods?

Human resources, natural resources, capital resources

15

What happens when the supply of something goes down?

The price goes up.

15