| A | B |
|---|
| unavailability of a good or service in a given situation | shortage |
| any human-made resource used to create other | capital |
| government choice between making military goods or consumer goods | guns or butter |
| something necessary for survival | need |
| work for which a person is paid | labor |
| item that is desirable but not necessary for survival | want |
| alternative sacrificed because of an economic decision | cost |
| kind of capital involving human-made goods | physical |
| activities one person performs for another | services |
| all natural resources used in production | land |
| brings together people and resources to create and market new goods and services | entrepreneur |
| an alternative sacrificed when making a decision | trade-off |
| limited resources for meeting unlimited wants and desires | scarcity |
| most desirable option given up in a decision | opportunity cost |
| study of how people make choices to gain necessities and desires | economics |
| physical items such as shoes and cars | goods |
| using fewer resources than an economy is capable of using | underutilization |
| use of resources that maximizes the output of products | efficiency |
| kind of capital involving skills and knowledge gained by a worker | human |
