| A | B |
|---|
| scarcity | the condition where the needs or wants of the people are greater than the resources to satisfy them. |
| wants | Things people would like to have. |
| needs | Things people cannot live without. Food, clothing, and a place to live. |
| budget | A plan for spending and saving money. |
| goods | Things people make or grow, “touchable” objects. |
| services | Jobs that people do that help others. |
| natural resources | Anything coming from the air, land, or water that is used to make goods. |
| human resources | A worker and the ideas or skills that he or she brings to his or her job. |
| capital resources | The money, a building, a machine, or a tool needed to run a business. |
| barter | To trade by exchanging goods and services without using money. |
| producer | Person who makes a product. |
| consumer | A person who buys a product or a service. |
| market | Exchange of goods or services between buyers and sellers. |
