| A | B |
|---|
| Resource | Anything that people use to make things or to do work |
| Labor | Work |
| Capital | Things of worth,:machines, buildings, tools and money |
| Natural Resource | A raw material found on earth, like water, minerals, land and forests |
| Economics | The study of how people and countries make decisioins about how to use their scarce resources in the best way |
| Choice | The act of deciding on what is most needed |
| Need | Something that is necessary to stay alive |
| Want | Not needed to survive, but makes life better |
| Good | Items people buy like cars, tv's or food |
| Manufacture | Turning materials into products used by people |
| Service | Work done for other people for a fee |
| Scarcity | A problem in which wants are greater than what is available |
| Trade-off | The act of giving up one thing for another |
| opportunity | Each possible use of a resource |
| Opportunity Cost | The cost of choosing one choice over another |
| Factors of Production | resources that are used to make goods and services |
| Entrepreneurship | Someone starting a new business or improving an old one |
| Productivity | Amount of goods and services workers can produce in a given time |
| Division of Labor | Dividing up workers so that each worker completes one job, which is one part of a larger job |
| Assembly line | A system in which a product moves from worker to worker so it can be put together faster |
