| A | B |
|---|
| good | physical object that can be purchased |
| service | an action or activity done for others for a fee |
| resource | anything that people use to make what they need or want |
| entrepreneur | a person who attempts to start a new business or introduce a new product |
| human resource | any human effort exerted in the production process |
| consumer | a person who purchases goods and services |
| producer | a person who supplies goods and services |
| interdependence | the reliance among economic actors |
| self-sufficiency | the ability to fulfill all needs without outside assistance |
| opportunity cost | the value of the next best alternative given up to obtain a particular item |
| trade-off | the sacrifice of one good for another |
| credit | allows consumers to pay for an item over time |
| barter | to exchange one set of goods for another |
| exchange | involves producers and consumers agreeing to provide one type of item in return for another |
| money | any item that is readily accepted by people in return for goods and services |
| efficiency | the use of the smallest amount of resources to produce the greatest amount of output |
| capital goods | buildings, structures, machinery, and tools used in the production process |
| specialization | focusing on a particular activity |
| division of labor | assigning a small number of tasks to each worker |
| economics | the study of the choices people make to satisfy their needs and wants |
