| A | B |
|---|
| trees, grass, oxygen, water | renewable |
| oil, limestone, coal, diamonds | nonrenewable |
| pickles, milk, toys, OJ, pizza | examples of goods |
| developing pictures, haircut, oil change, police, butcher, cashier, pizza delivery, teacher, mechanic, janitor | examples of services |
| capital | manufactured goods used to make other goods or provide a service |
| demand | the number of people who want to purchase a good or services |
| consumer | someone who buys goods and services |
| consumption | the purchase or use of a good or service |
| producer | a person who uses resources to create or provide a good or service |
| economics | the study of the relationship of money, workers, and goods in a country |
| entrepreneur | a person who coordinates resources to produce and sell a good or service |
| scarcity | shortage; very small amount |
| service | actions people do for others |
| supply | the amount of good and services available |
| surplus | the amount of a good or service beyond what is needed |
| good | material things people buy such as food, clothing, cars, and houses |
| competition | when two businesses produce the same good or service |
| interdependence | a relationship where needs and wants are met by each other |
| exports | goods sent out of a country to be sold |
| imports | goods brought in to a country to be sold |
| trade-off | the item or opportunity given up when a choice is made |
| private sector | goods or services paid for by individuals |
| public sector | goods or services paid for by tax dollars |
| profit | money left after expenses are paid |
| factors of productions | Land, Labor, Capital, and Entrepreneurship |
| labor | work done by people to produce a good or service |
| land | anything found in nature used to produce a good or service |
