Chapter 2 L.1/2 Vocab Quiz: Thursday, April 30th
Lesson One: What is Economics
Goods: Items that are produces to be sold for a profit.
Service: Useful work that one person does for another.
Economics: The science or study of how goods and services are produced and consumed.
Manufacture: To use machines to make goods, usually in factories.
Needs: Things you must have to live, such as food, water, and shelter.
Wants: Things you would like to have, but do not need
Human Resources: The people who work at a business.
Capital Resources: Human-made things, such as a tractor, that people use to grow or make other things.
Entrepreneur: A person who risks money to start a new business
Producer: A person who makes goods or services to sell.
Consumer: Someone who buys or used goods and services.
Profit: The money a business earns after all its expenses are paid.
Incentive: Something that encourages one to take an action.
Lesson Two: We are all part of the Economy
Scarcity: A shortage.
Opportunity Cost: The value of something that must be given up to get the thing you want.
Advertising: The use of pubic notices to bring attention to a product or service.
Export: To see or trade something to another country.
Import: To bring something in from another country for sale or trade.
Interdependence: When nations rely on one another for goods, services, or resources.
Specialization: A process in which each worker performs a single step in production.
Lesson Three: Government and Economy
Tax: Money people pay to support the cost of government.
Income: The money a person ot business earns for doing a job or providing a good or service.
Fine: Money paid as punishment for breaking a rule or law.
Fee: A charge for a service.
Public Goods: Goods provided by the government and paid for by taxes. Publid goods include clean water and playground equipment in parks.
Public Services: Services such as police protection, schools, and libraries, which are provided by the government are are paid for by taxes.
Budget: A plan for spending money.
Students will be making notecards for each chapter. It is encouraged that these notecards be reviewed several times a week so they are prepared for vocabulary quizzes.
Chapter 2 Study Guide
Review Vocabulary Words