Basic Economic Concepts

Front

Goods

Back

Things that are made or grown and can be touched or used (examples: shoes, toys, apples).

Front

Services

Back

Actions that people do for others (examples: haircuts, teaching, car repairs).

Front

Consumer

Back

A person who buys or uses goods and services.

Front

Producer

Back

A person or business that makes or sells goods and services.

Front

Natural Resource

Back

Something from nature that people use (examples: water, soil, trees).

Front

Human Capital

Back

Skills and knowledge people use to do their jobs (examples: a doctor’s training, a chef’s cooking skills).

Front

Budget

Back

A plan for how to earn, save, and spend money.

Front

Save

Back

To keep money instead of spending it, so you can use it later.

Front

Trade

Back

To exchange goods or services, often using money.

Front

Supply and Demand

Back

Supply is how much of something is available. Demand is how much people want it. Prices go up when demand is high and supply is low; prices go down when demand is low and supply is high.