| A | B |
|---|
| supply | The amount of goods & services that producers produce. |
| goods | Tangible items that are a result of production. |
| producer | Someone who offers a good or service. |
| wants | Things people desire but do not need to survive. |
| services | Nontangible activities that satisfy people's wants. |
| division of labor | A system in which each person works on a specific part of a product. |
| needs | Things people must have for survival. |
| opportunity cost | The resource a person gives up when he makes a choice between two resources. |
| demand | The amount of goods and services consumers purchase. |
| consumer | Someone who obtains goods &/or services from someone else. |
| scarcity | This condition occurs when wants exceed resources available. |
| Economics | The study of production, distribution, and consumption of goods and services. |
| limited resource | A resource whose supply is not endless. |
| specialization | A type of production based on the idea that individuals should work only on activities they do best. |
