| A | B |
|---|
| economics | The science of how people use resources to satisfy their needs and wants. |
| natural resources | materials that come from the earth like water, wood, or soil. |
| human resources | people working to produce goods and services |
| capital resources | goods made buy people and used to produce other goods and services |
| money | coins, paper bills, checks, and credit cards |
| barter | exchanging goods and services without using money. |
| good | an object that satisfies a need or a want |
| service | a job a person does for someone else to satisfy a need or want. |
| want | things people would like to have |
| needs | things people have to have to live - food, water, and shelter |
| scarcity | not being able to meet all wants at the time because resources are limited |
| consumer | a person who uses or buys goods and services |
| producer | a person who uses resources to make goods or provides a service |
| economic choice | a decision made because resources, goods, or services are limited |
