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Chapter 7 Lessons 1-3
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Game Code: 348964
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Chapter 7 Lessons 1-3
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_________________ are things you must have to live.
Needs
15
_________________ 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
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