| A | B |
|---|
| scarcity | happens when there's not enough of something you want |
| economic problem | people have to make choices because of scarcity |
| resources | things we use to satisfy our wants |
| limited resources | not enough resources to satisfy all our wants |
| choices | because you can't have everything you want, you have to decide what things you want and what you will give up |
| opportunity cost | the best thing you give up to get something |
| consumer | a person who uses a good or service |
| good | something people want that you can hold or touch |
| income | the money you earn |
| services | something people do for other people |
| production | putting resources together to make goods or provide services |
| producer | a person who makes a good or povides a service |
| human resources | resources found in people, such as their skills and ideas |
| natural resources | the many things nature provides that we use to satisfy our wants |
| capital resources | goods that are used to make other goods or to provide services |
| interdependence | people depend on each other |
| specialize | to do a certain job |
| interdependent | depending on each other |
