Social Studies Chapter 5 Study Guide
Test TOMORROW!!
barter - to trade goods and services without using money.
opportunity cost - what you give up when you make a choice.
Ex: You want both a CD and a jacket but you only have enough for one. The item
that you don’t choose is your opportunity cost.
goods - products that people want and need, and that can be touched or held.
scarcity - not having enough resources to provide all the things people want.
budget - a plan for how to spend or save money
Goods
Chocolate Bar
Flowers
Clothing
Shoes
Groceries
Toys
Games
Services
Teeth cleaning/Dentist
Wellness exams/Doctor
House cleaning
Lawn mowing
Dog walking
Firefighting
Police work
Tutoring
Babysitting
Needs are those things that you cannot survive without: food, water, clothing, shelter, etc.
Wants are those things that you can survive without but may enjoy having: bikes, game
systems, fancy cars, toys, etc.