| A | B |
|---|
| Opportunity cost | The benefit that is lost when you decide to use scarce resources for one purpose rather than for another |
| Production | The economic process or activity of producing goods and services |
| Resource | Any item that is used to accomplish another activity, such as producing/providing goods and services |
| Producers | The people who make or provide goods and services |
| Scarcity | A condition resulting from the gap between limited resources and unlimited wants for goods and services |
| Resource owners | Those who provide human resources, natural resources, and capital goods in order for production to take place |
| Services | Intangible activities that are performed by other people for money; productive acts that satisfy economic wants |
| Price | The amount of money paid for a good, service, or resource |
| Want | A desire for something that may or may not be required |
| Trade-off | Giving up all or part of one thing to get something else |
