Economics - Grade 2

By mjames77, Dec 2001

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Things people would like to have but do not have to have in order to live are called:	wants
What are human resources?	Human resources are people at work.
List 4 natural resources.	water, soil, wood, and coal
List some capital resources.	Some capital resources are machines, tools, and buildings.
In economics, how do we describe unlimited wants?	Unlimited wants is when someone is never satisfied, they want more and more.
When you must give up something in order to get something you want more we call this:	opportunity cost
What is scarcity?	Scarcity is when there is not enough to go around.
Things people must have are called:	needs
The amount of something available is called:	supply
What is economics?	Economics is the science of choices.
When you must choose between or among things you want we call this:	choice
What do we call the money a person earns for work he or she does?	We call money a person earns for work he or she does an income.
Money that people must pay the government is called:	taxes
Name some ways that the government uses tax money.	Some of the things the government uses tax money for is to pay government workers. It is used to build roads, to operate fire departments and to pay the police and other government operated agencies.

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