| A | B |
|---|
| Income | Money earned from wages, interest, rent, and profit |
| Spending | Using money to obtain goods and services |
| Goods | Products; things you can see touch and use |
| Services | Things people do for someone else |
| Saving | Money put aside for future wants |
| Wants | Things people wish to have but are not necessary for life |
| Supply | The amount of goods or services people are willing to provide at a given price |
| Demand | The amount of goods or services that people want or need and they are willing and able to buy at a given price |
| Credit | Money that is put into your account |
| Debit | Money that is removed from your account |
| Needs | Things that are necessary for life |
| Scarce | When not enough of a product exists to fulfill the wants and needs of everyone |
| Interest | An amount of money paid or charged for the use of money or for borrowing money |
| Specialization | To complete one specific task well instead of doing all parts |
| Productivity | The amount a worker produces in a certain amount of time |
| Capital Resource | Anything used in the production of products and or services |
| Alternative Costs | What is given up when a scarce resource is used in a certain way |
| Inflation | A continuing rise in prices |
| Trade-off | Giving up some of one thing to have more of another |
| Opportunity Costs | The most valuable thing given up when a choice is made |
