| A | B |
|---|
| natural resource | from air, water or earth |
| capital resources | machines, buildings and equipment used to produce |
| scarcity | lack of something |
| labor | work done by people |
| economic resources | things that can be used to produce goods and services |
| nonrenewable resources | things that cannot be replaced |
| human resources | people whose efforts produce goods and services |
| factors of production | economic resources used to produce goods and services |
| entrepreneurship | the initiative to commbine resources to produce goods and services |
| economic system | set of rules to decide how to satisfy wants and needs |
| goods | objects you can weigh or measure |
| services | tasks people or machines perform |
| opportunity cost | what you give up when you chose one thing over another |
| resource | anything people can use to make or obtain what they want |
