| A | B |
|---|
| Natural resources | water. wood, soil , coal |
| Money | Coins, paper bills, and checks used in exchange for goods and services. |
| Human resources | Farmers, miners, builders, painters |
| Choices | People make these because economic resources are limited |
| Barter | The exchange of goods and services without the use of money |
| A good | Anything you buy in a store. |
| Consumer | A person who uses goods and services. |
| Capital resources | Hammers, computers, trucks, lawn mowers, factories, machines |
| Scarcity | Not being able to meet all need and wants at the same time |
| Producer | A person who uses resources to make goods or provide services |
| Population | The number of people living in a community |
| Community | A place where people work, live and play. |
| Services | Teachers, hairdressers provide these |
| Economic specialization | Focusing on one product or service. |
| Economic interdependence | Depending on others to supply some of the things you need. |
| Economic choice | A decision to buy one thing and not another. |
| Opportunity cost | The next best choice that is given up when a decision is made |
| Wants | Things people would like to have |
| basic needs | food, clothing, and shelter) |
| Savings | Money put away to keep or to spend later |
