| A | B |
|---|
| earn | to get something after working |
| budget | a plan that shows income, spending,and saving |
| income | money a person gets from a job or other source |
| savings | the amount of income not spent |
| spending | the amount of income a person uses |
| economic choice | deciding to buy one thing over another |
| opportunity cost | waht you give up when you choose to buy one thing over another |
| goods | things that are grown or made and then sold |
| services | jobs that one person does for another |
| scarcity | not enough of something to meet people's wants and needs |
| interdependence | depending on each other |
| products | goods and services |
| supply | the amount of a product available to buy |
| demand | the amount of a product that people want and will buy |
| profit | the income a business has left after paying expenses |
| renewable resource | a resource that can be replaced within a short amount of time |
| nonrenewable resource | a resource that cannot be replaced or takes a long time to replace |
| human resource | a person who makes products or provides a service |
| producer | a person who makes products |
| specialize | to do one job or make one part of a product |
| capital resource | a machine, tool, or building used to produce goods and services |
| trade | the buying and selling of goods and services |
| communication | the sharing of information or news |
| free market | trade in which people choose what to produce and buy or sell |
| import | to bring products and resources into one country from another |
| export | to send products and resources from one country to another |
