| A | B |
|---|
| need | something we cannot live without |
| limited resource | only a certain amount of a resource |
| capital | goods used to make other goods |
| nonrenewable resource | a resource that cannot be replaced in a timely manner or at all |
| service | any action that one person does for another in exchange for payment (also action people do for others) |
| land, labor, capital | the three factors of production |
| resource | anything used to produce a good or service |
| production | process of changing raw materials of a resource into some ecomonic good or service |
| good | any item that can be bought or sold (also, something made by people) |
| want | something we would like to have |
| labor | the work people do with their hands or with their minds |
| plentiful | having a lot of a resource |
| economics | the study of money and what we do with it (also, the study of how we produce and distribute our wealth) |
| scarce | having very little of a resource |
| renewable | a resource that can be replaced, either naturally or by man is called |
