| A | B |
|---|
| These are desires that can be satisfied by consuming a good or service | wants |
| What is it called when there is not enough of something we want | scarcity |
| What is it called when you have to decide between two things you may want | choice |
| When you are making a choice, ________are the items from which you are making your choice | alternatives |
| When you are making a decision you n eed to consider the good things; the good things are _________. | benefits |
| The bad things about the decision are the ________. | costs |
| When a person makes a choice between two items the item not chosen is called the ____________. | opportunity cost |
| _________are things that satisfy a person's wants and needs. They are things that you can touch. | goods |
| Jobs that peole do for you | serivces |
| people whom buy and use goods and services | consumers |
| anyone who makes goods and services | producers |
| people doing mental or physical work to produce goods and services | human resources |
| gifts of nature that can be used to produce goods and services (trees, eggs) | natural resources |
| goods made by people to help produce other goods and services (tools, buildings, and tractors) | capital resources |
| human resources, capital resources, and natural resources all put together. | factors of production |
| the exchange of one thing for another thing | trade |
| to trade one good or service for another good or service without using money | barter |
| something we use to help us make exchanges for the goods and services we want | money |
| the amount of money required to exchange for a good or service | price |
| is exchanging money for items that someone wants now | spending |
| is keeping (not spending) money to purchase items later in the future | saving |
| is a place where people put their money or borrow money | bank |
