| A | B |
|---|
| economics | study the choices people make |
| economist | person who studies people's choices |
| consumer | people who buy things |
| producer | people who make things |
| goods | physical objects |
| services | actions or activities |
| resources | things used to make what you want |
| capital goods | things used in the production process |
| consumer goods | goods/services people buy |
| entrepreneur | person who starts a business |
| scarcity | unlimited wants with limited resources |
| allocate | distribute |
| technology | using technical knowledge |
| productivity | output from input |
| efficiency | small resources,big output |
| division of labor | assigning small tasks |
| specialization | focus on one activity |
| human resources | physical and intellectual work |
| natural resources | in,on,under,over,under the earth |
| capital resources | tools to make other products |
