<p> Mini-Society Vocabulary Study Guide</p><p>1. consumer – someone who buys or uses goods.</p><p>2. producer – someone who makes or sells goods.</p><p>3. needs – things that a consumer must have to stay alive.</p><p>4. wants – things that makes a consumers life easier or more fun.</p><p>5. goods – objects a consumer buys or sells; these objects can be held or touched.</p><p>6. services – work that one consumer does for another; services cannot be held or touched.</p><p>7. supply – how much of a good or service is available to be bought or traded.</p><p>8. demand – how much of a good or service is wanted/needed by consumers.</p><p>9. taxes – fees citizens pay to local, state, and national government.</p><p>10. income – money people earn for providing goods or services to consumers.</p><p>11. trade – exchange of goods or services between consumers.</p><p>12. currency – any kind of money that people in a country use for trade.</p><p>13. budget – a plan for using money.</p><p>14. scarcity – lack of goods or services; “not enough for everybody”</p><p>15. opportunity cost – what you have to give up to get something.</p><p>16. entrepreneur – a person who takes a risk or chance, and starts a business.</p><p>17. capital resources – things made by people that help workers make goods or provide services.</p><p>18. human resources – the skills, knowledge, and hard work that people bring to their jobs.</p><p>19. natural resources – things found in nature that are useful to people.</p><p>20. marketplace - where people buy and sell goods.</p>