| A | B |
|---|
| Things we have to have in order to live - food, shelter and clothing | needs |
| Things we would like to have but don't need in order to live. | wants |
| Items made to meet needs and wants | goods |
| work performed to meet others needs and wants | services |
| people who make goods or provide services | producers |
| peopld who use goods and services | consumers |
| money that we earn by working | income |
| to become very good at one job or to perform only part of a larger process | specialization |
| relying on other and having others rely on you because of specialization | interdepencence |
| trading goods or services instead of using money | barter |
| something (usually cash) which is exchanged for goods or services | money |
| allow you to buy something now,k but pay for it later | credit cards |
| written slips instructing the bank to pay money to a person or business | checks |
| special type of business which keeps and lends money | banks |
| money paid for the use of someone else's money | interest |
| money paid to the government so they can provide services like highways, fire fighters, police and schools | taxes |
| the study of money, goods and services and how they relate to each other | economics |
