| A | B |
|---|
| producer | people or groups who combone resources to make goods or services |
| consumer | a person who use resources, goods, or services that can be bought for various prices |
| demand | the desire to buy resources, goods, or services |
| supply | the amount of resources, goods or services that are offered for sale |
| scarcity | when demand outpaces supply (or the condition that results from unlimited economic wants and limited resources) |
| opportunity cost | what is given up when an economic decision is made |
| inflation | the rise in prices over time. Or, the loss in value of a dollar bill |
| recession | A downturn in the economy. A lack of economic growth. |
