| A | B |
|---|
| A _ is something someone does for you to save time and effort (i.e. mowing a lawn or babysitting). | SERVICE |
| A limited supply of products and services is called a _ of that item. | SCARCITY |
| The desire of a customer for a good or service. | DEMAND |
| Resource which allows you to purchase/buy other resources | Financial Capital = Money |
| Buildings, machines, technology & tools used to produce goods and services | Capital Resources |
| The physical & mental labor of people/workers to produce goods & services | Human Resources |
| Gifts of nature–sunlight, water, land, trees-used to produce goods & services | Natural Resources |
| Basic elements used to create goods & services | Resources |
| Choosing what item you buy that is most important. | Prioritizing |
| Smart Phones are in high _. | DEMAND |
| I only have money to buy one thing. I want the phone now, I can wait to buy the boots. | Prioritizing |
| What you have to give up in order to get something else. | Opportunity Cost |
| I am saving my money to buy a laptop. I am _ my money to my bank savings account. | Allocating |
| Something that you must have to survive | Need |
| Deciding between items that you want or need. | Choice |
| Something that you would like but you do not really need | Want |
| The money that people receive for working. | Income |
| A limited supply - Not enough resources to cover your wants and needs. | Scarcity |
| Oh, if I buy this hat I will not have enough money for a soda. | Scarcity |
| Hopefully you will use the iPod enough to justify the cost. | Benefits |
