Mini Society review questions and answers

Mini-SocietyQuestions and Answers

What is a consumer?Someone who buys or uses goods.

What is a producer?

Someone who makes or sells goods.

What are needs?

Things that a consumer must have to stay alive.

What are wants?

Things that makes a consumers life easier or more fun.

What are goods?

Objects a consumer buys or sells; these objects can be held or touched.

What are services?Work that one consumer does for another; services

cannot be held or touched.

What is the meaning of supply?

How much of a good or service is available to be bought or traded.

What is a demand?How much of a good or service is wanted/needed by

consumers.

What are taxes?Fees citizens pay to local, state, and

national government.

What is income? Money people earn for providing goods or services to

consumers.

What does it mean to trade?

To exchange goods or services between consumers.

What is currency?

Any kind of money that people in a country use for trade.

What is a budget?

A plan for using money or income.

What is scarcity?A lack of goods or services; not enough for

everybody. You are not able to meet all the needs or wants of the consumers.

What is opportunity Cost?What you have to give up to get something.

What is an entrepreneur.A person who takes a risk or chance and starts a

business.

What are capital resources?

Things made by people that help workers make goods or provide services.

What are human resources?

The skills, knowledge, and hard work that people bring to their jobs.

What are natural resources?

Things found in nature that are useful to people.

What is a marketplace?Where people buy and sell goods.