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Economics 3

needis something that a person cannot live wtihout.
wantis something that a person would like to have but can live without .
goodis a thing that people want.
serviceis work done by or for someone to satisfy a want .
produceris a person or business that makes a good or provides a service .
consumeris a buyer of a good or service.
budgetis a plan for deciding what to do with your money .
opportunity costis what you give up to get something else .
scarcityis when there is not enough of what people , making the item more expensive .
natural resourcesexist or grow in nature .
human resourcesare people who work to produce goods and services .
capital resourcesare the tools , buildings and machinery used to produce goods or provide services.
specializationis when producers focus on one good or service.
interdependenceis when people depend on others to provide goods and services .
supplyis the amount of goods which are produced .
demandis the amount of people who want to buy the goods .
savingsis money you set aside for future needs.
investmentis when you buy stock in a company .
stockis apart of a company that investors buy .
profitis the extra money a business makes after their expenses.
loanis money you borrow from a bank or other business
interestis the extra money you pay when you take a loan .
transporationto carry products to consumers .
communicationto connect with consumers.

Office: Upper Learning Center
Mentor High School

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