What is economics?
The study of how people make and spend money through buying and selling goods and services
What is an opportunity cost?
the thing that a person gives up so that person can something else instead
What is a resource?
anything that is used to make goods
What are three types of resources?
Natural resources, human resources, capital resources
What does it mean to barter?
trading goods without using money
What is specialization?
Producing or providing one type of good or service
What is interdependence?
depending on other people to make things that you need
What does deposit mean?
To put money in a bank
What is currency?
The system of money a country uses
What is scarcity?
not having enough of something
What are needs?
Something you must have or you will die
What is a consumer?
A person that buys a good or service
What is a service?
an activity that is done for someone else
What is advertising?
trying to make consumers interested in buying a product or service
What is interest in connection with a loan?
a percentage of the amount borrowed that must be paid back
Good forms of money must be...
portable, divisible, and durable
