Learning Economic Terms Worksheet - Social Studies



Learning Economic Terms

Directions: Answer the questions after each term.

economy – a system of distributing scarce resources to satisfy people’s wants and needs

Q: What does “distribute” mean? ________________________________________

wants and needs – Producers try to satisfy people’s wants and needs. Human wants are unlimited. There is usually disagreement on the difference between a “want” and a “need”.

3 products I need the most: ________________________________________________

3 products I want the most: ________________________________________________

resources – things used to create products to satisfy people’s wants and needs. Resources are limited.

Examples: ______________________________________________________________

natural resources – resources present in nature without human input

Examples: _________________________________________________________________

human resources – the labor of people to create products

Q: What makes some human resources more valuable than others? __________________

_________________________________________________________________________

capital resources – property resources used to produce goods and services

Examples: money, equipment, buildings

Other examples: __________________________________________________________

scarcity - the fact that resources are unlimited. It is never possible to have enough resources to satisfy all wants and needs. The basic economic problem is that resources are limited (scarce) but wants are unlimited.

An example of a scarce resource that nearly everyone needs: ___________________________

consumer - people who use (consume) resources. Everyone must consume to live.

Three products I consumed today: ________________________________________________

producer - a person that uses resources to create something for others. Businesses and employees are producers. Not everyone is a producer.

Q: What products do people in my family produce? _________________________________

products - things created by producers for consumers

What are some products sold at school? _________________________________________

goods - tangible (physical) products

List some products in your backpack today: _______________________________________

services – intangible products

Examples: haircuts, teaching, security guard

Other examples: __________________________________________________

Name:________________________________ Date:_____________________ core:_______________

What is Economics?

Directions: The first step is to fill in the left column with the missing terms. Then, match each of the following concepts with the appropriate definition by writing the definition’s letter next to the concept.

|___________ Scarcity |People with all their efforts, abilities and skills |

|___________ First question in economics |The tools, equipment, machinery, and factories used in the production of goods|

| |and services |

|___________ Need |Land: these are the “gifts from nature’ or natural resources |

|___________ GDP |Something we would like to have but is not necessary for survival |

|___________ Factors of production…. |Condition that is created by people’s seemingly unlimited wants and relatively|

|[list the four factors below] |limited resources |

|___________ 1. |Study of how people try to satisfy their wants through the careful use of |

| |scarce resources |

|___________ 2. |What to produce |

|___________ 3. |A basic requirement for survival like foods, shelter, clothing. |

|___________ 4. |From whom to produce |

|___________ Study of Economics |Resources required to produce the things we would like to have |

|___________Second question in Economics |Gross Domestic product- the dollar value of all final goods, services, and |

| |structures produced within a country’s borders in a 12-month period |

|___________Want |Risk takers in search of profits who start a new business or bring new |

| |products into the market. |

|___________ Third question in Economics |How to produce |

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