Economy– system of producing, distributing and consuming goods/services
making products, buying and using products, movement and selling of products
Producers– people who make or provide the goods or services
Consumers– people who purchase or use the goods and services
Goods– products, things that people buy/purchase
Services– a job or duty that is performed for the consumer
Currency– type of money used in a country
Trade– exchange of products for money
Barter– trading goods for other goods
Resources– things used
Natural resources- plants, animals, minerals, water, and soil
Human Resources- people that are needed to do the work
Capital resources- equipment used to make the goods
Opportunity Cost– the decision to use less or save
Students started their fold-ables in class. They were to create their fold-ables: vocabulary words, definitions, draw and color and image that represents their vocabulary words on the inside flap. DUE MONDAY 11/05/2018!