| A | B |
|---|
| economics | the study of how and why people spend money |
| services | activities that satisfy people's needs and wants |
| scarcity | exists because people have unlimited wants and limited resources |
| natural resources | land, trees, oil, etc. "gifts of nature" |
| capital resources | tools, factories, money; things used to make goods and services |
| economic specialization | doing a specific job |
| economic interdependence | two or more people depending upon each other for goods and services |
| opportunity cost | the next best choice that is given up when a decision is made |
| consumers | people who buy goods and/or services |
| goods | things that people make or use to satisfy wants or needs |
| producers | people who use resources to make goods and/or provide services |
| barter | exchange of good or services without money |
| money | coins, paper bills, and checks used in exchange for goods or services |
| human resources | people working to produce goods and services |
| economic choice | a decision |
