| A | B |
|---|
| want | things you would like to have, but do not need to survive |
| need | things you have to have in order to survive |
| goods | things you grow or make to satisfy wants and needs |
| services | activities or jobs people do to satisfy wants and needs |
| producers | makes or grows goods |
| consumers | buys and uses goods |
| scarcity | not being able to meet all wants at the same time |
| barter | exhange of goods and serviceswithout money |
| money | coins, bills, checks used in exchange for goods and services |
| opportunity cost | the good or service you give up when making an economic choice, when you can not have both things you want, you have to choose 1 item, the good you give up is your opportunity cost |
| economic choice | choices people make when buying things |
| natural resource | materials that come from nature |
| human resource | people working to produce goods and services |
| capital resource | goods made by people that are used to make other things |
| income | the money that people earn |
