| A | B |
|---|
| Consumer | a person who uses goods and services |
| Capital Resources | goods (such as machinery) used over and over again in the production of goods and services |
| Consumption | when we decide what goods and services we will use to satisfy our wants |
| goods | things that you want or need that you can touch |
| Human Resources | people who use their health, strength, education and skills to produce a good or service |
| Interdependence | when people depend on each other to increase our well being. |
| Natural Resources | Gifts from nature such as trees, water, minerals |
| Opportunity Costs | The next best thing you give up to get something |
| Producer | someone who MAKES a good or provides a service |
| Scarcity | when you cannot have everything you want. (A small supply) |
| Service Workers | people who do something for you that you want or need. |
| Specialize | people who complete one part of the production process |
| Supply | to provide for (the amount of something such as a good) that is needed or available |
| Demand | the ability and desire to purchase goods or services at a specific time or price |
| inputs | the resources used in production |
| outputs | the products of production |
| imports | goods made outside this country and shipped here to be sold |
| exports | products made in this country to be sold in other countries |
| budget | a plan showing how much you earn and spend |
| loss | what a business has when it has more expenses than income |
| profit | what a business has when it has more income than expenses |
