| A | B |
|---|
| Economic Specialization | focusing on one product or service |
| Economic Interdependence | 2 or more people depending on each other fo rgoods and services |
| Opportunity Cost | the next best choice that is given up when a decision is made |
| Economic Choice | the choice or decision among posibilities |
| goods | things that poeple make or use to satisfy needs and wants |
| services | activities that satisfy people's needs and wants |
| natural resource | materials that come from nature (water, soil) |
| human resource | people working to produce goods and services (farmer, miner) |
| capital resource | goods made by people and used to produce other goods and services (hammer, computer) |
| needs | things people have to have to live |
| wants | things people would like to have |
| money | what is used to buy basic needs |
| consumer | a person who uses money to purchase goods or services |
| production | making the good that is to be purchased |
| distribution | giving out or dispursing the good or service |
| consumption | using the good or service |
| barter | the exchange of goods and service with out using money (trading) |
| scarcity | not being able to meet all the wants at the same time (not enough of something) |
| producer | people who use resources to make goods or provide a service |
