| A | B |
|---|
| scarcity | not enough of something you want |
| limited resources | not enough resources to satisfy our wants |
| opportunity cost | the best thing you give up to get something |
| consumer | a person who uses a good or service |
| production | putting resources together to make goods or provide services |
| producer | a person who makes goods or provides a service |
| human resources | resources found in people, such as their skills and ideas |
| interdependence | people depend on each other |
| specialize | to do a certain job |
| supply and demand | pricing goods by how much is available for sale and how much people are willing to pay for it |
| free enterprise | a system where people, not just the government, run businesses for a profit |
| goods | material things people buy |
| services | things people do for others |
| factors of production | things needed to produce goods and services |
| land | resources found in nature |
| capital goods | resources made by people, can be used over and over |
| labor | talent, time, skills, and training of people who work to produce goods and services |
| entrepreneurship | planning a business, starting a business, investing money in a business |
| profit | money left over when all expenses have been paid |
| economics | study of how people produce, sell, and buy the goods and services that they need and want |
