ECONOMICS UNIT STUDY GUIDE
Things that people make or grow are called GOODS.
Someone who buys and uses goods and services is a
CONSUMER.
Something useful that people do for others is
called a SERVICE.
Someone who makes or grows products to sell is a
PRODUCER.
When there isn’t enough of something that you
want, it is called SCARCITY.
Exchanging goods and services without using money is
called BARTERING.
Coins, paper bills, and checks are forms of MONEY.
Be able to give an example of each:
NATURAL RESOURCE – something that we use that can be
found in nature.
CAPITAL RESOURCE – something that we use that is
manmade.
HUMAN RESOURCE – People who provide a service (jobs).