| A | B |
|---|
| barter | the exchange of items to get what you want (no money) |
| capital resources | goods made by people and used to produce other goods and services (machines, tools, buildings) |
| choice | having to decide between options |
| credit | buying a good or service now and paying later |
| consumer | someone who buys goods and services |
| currency | coins or bills used to make purchases |
| decision | making a choice |
| demand | what people ar willing/able to buy; how many consumers want to purchase something |
| economics | study of our system of money and how goods, services, and money are used to get what we need |
| economic choice | the choice or decision among alternatives/possibilities |
| economic interdependence | depending on others to provide goods and services |
| economic specialization | individuals or groups of people who concentrate on one product or service |
| goods | something we want or need that we can touch or hold |
| human resources | people working to produce goods and services |
| income | money earned during work |
| money | currency; what we use to buy goods and services |
| needs | things people must have in order to live |
| natural resources | resrouces that come from nature (water, soil, wood coal) |
| opportunity cost | the next best choice that is given up when a decision is made |
| price | the amount paid for a good or service |
| producer | someone who uses resources to make goods and services |
| scarcity | not having enough goods and services to meet wants and needs |
| services | things people do for others that satisfy their wants and needs |
| supply | the amount of a good or service that is produced |
| trade | to exchange something for something else |
| transportation | movement of goods and services to consumers |
| wants | things that we would like to have but don't need in order to live |
