| A | B |
|---|
| barter | trading goods for services without the use of money |
| capital | money and goods used to develop, expand, or purchase a business |
| wealth | the value of things owned |
| labor | time and effort of people to produce goods and services |
| consumer | a person who uses goods or services |
| producer | person who grows or manufactures products or provides services |
| land | the surface of the earth |
| demand | the desire to won or use a product or service |
| inflation | a dramatic increase in the amount of money in ciruculation accompanied by sharply rising cost of goods and services |
| wages | payment for work done |
| goods | products manufactured for use by consumers |
| scarcity | a lack of materials, goods and services |
| wants | things consumers desire |
| needs | items consumers must have to survive |
| efficiency | the effectiveness of production in relation to the cost of production |
| economist | social scientist who studies the production and use of goods |
| raw materials | natural resource from which goods can be made |
| affluence | an abundance of property or wealth |
| deficit | having more expenses than revenue |
| budgeting | planning how and where your money will be spent |
| dependent | one who relies on another for support |
| earn | to acquire as a result of work done or services provided |
| value | the worth of something |
| standard of living | the goods and services needed by a person to maintain customary conditions |
| economic system | people working together and deciding how to use valuable resources |
