Mini-Society Vocabulary Study Guide- (Matching Quiz March 5Th)

Mini-Society Vocabulary Study Guide

1. consumer – someone who buys or uses goods.

2. producer – someone who makes or sells goods.

3. needs – things that a consumer must have to stay alive.

4. wants – things that makes a consumers life easier or more fun.

5. goods – objects a consumer buys or sells; these objects can be held or touched.

6. services – work that one consumer does for another; services cannot be held or touched.

7. supply – how much of a good or service is available to be bought or traded.

8. demand – how much of a good or service is wanted/needed by consumers.

9. taxes – fees citizens pay to local, state, and national government.

10. income – money people earn for providing goods or services to consumers.

11. trade – exchange of goods or services between consumers.

12. currency – any kind of money that people in a country use for trade.

13. budget – a plan for using money.

14. scarcity – lack of goods or services; “not enough for everybody”

15. opportunity cost – what you have to give up to get something.

16. entrepreneur – a person who takes a risk or chance, and starts a business.

17. capital resources – things made by people that help workers make goods or provide services.

18. human resources – the skills, knowledge, and hard work that people bring to their jobs.

19. natural resources – things found in nature that are useful to people.

20. marketplace - where people buy and sell goods.