| A | B |
|---|
| natural resources | materials that come from nature (water, soil, wood & coal) |
| economic choice | deciding which item or service to buy |
| services | activities that satisfy people's needs and wants |
| economic specialization | focusing on one product or service |
| opportunity cost | what you give up after you make your buying choice |
| goods | things that people make or use to satisfy needs and wants |
| economic interdependence | two or more people depending on each other for goods and services |
| human resources | people working to produce goods or services |
| producers | people who use resources to make goods and/ or provide services |
| example of economic interdependence | Virgina sells its coal to other countries but depends on other countries for oil |
| example of economic specialization | Virginia is known for shipbuilding |
| capital resources | goods made by people and used to produce other goods and services (machines, tools and buildings) |
