| A | B |
|---|
| Exchange | To trade goods and services without money |
| Goods | A want or a need that that we can touch or hold. |
| Wants | Goods or services we would like to have but do not need to live/survive. |
| Economics | The Study of manufacturing, sales, use of goods or services. |
| Trade | Occurs between individuals, organizations, and nations. |
| Services | Work that is done for someone else. |
| Human Resources | A person’s physical mental working making a good or a service. |
| Needs | A service or good needed to live or survive. |
| Money | anything used as a medium of exchange, expressed value or price. |
| Natural Resource | any material found in nature that has economic use. |
| Producer | A person who make a good or provides a service. |
| Barter | Exchanging one good or service for another. |
| Capital Resources | Good that are made and used to produce other goods or services. |
| Opportunity Cost | The thing you give up when making a choice between two things. |
| Production | Making and providing goods and services. |
| Demand | A want of a good or service that the consumers are willing to pay. |
| Factors of Production | A combination of natural, capital, and human resources as well as entrepreneurs. |
| Scarcity | When there is not enough goods or services to satisfy the needs or wants of consumers. |
| Choice | When your goods or services are scarce you are force to make economic choices. |
| Supply | Amount of products available to consumers. |
| Consumers | People who goods or use services. |
