| A | B |
|---|
| “capital resources” | ”special goods that are used to produce other goods and services.” |
| Economics | the social science that studies how people choose to use scarce resources” |
| “human resources” | ”the people who work in jobs to produce goods and services” |
| Entrepreneurship | ”the risk-taking that people face when they start a business” |
| “Natural resources” | ”’gifts of nature’ used to produce goods and services.” |
| “opportunity cost” | ”what you must give up to do or consume something else” |
| Scarcity | ”when you cannot have everything you want; you must make a choice” |
| Climate | ”the temperature and precipitation of a region in a given time” |
| Export | ”goods or services produced in one country; sold to people of another country” |
| Imports | ”goods and services consumed in one country; produced in another” |
| Interdependence | ”when people and nations depend on one another to provide goods and services” |
| Quota | ”a limit on the number of a good or service that may be imported” |
| Specialization | ”people or nations produce a few special goods and services and trade them for things they want” |
| Tariff | ”a tax placed on imported good” |
| Trade | ”voluntary exchange of goods and services between people and nations” |
| “trade barriers” | ”the limits that nations impose to interfere with free trade” |
| “developing countries (LC)” | ”poorest nations in the world” |
| “gross domestic product GDP” | ”the value of finished products and services that a country produces in a year” |
| “high-income countries (HC)” | ”wealthiest nations in the world” |
| Income | ”money earned from using a productive resource” |
| Inflation | ”an increase in the general price level” |
| “human capital” | ”the education, skills knowledge, and experience of a human resource |
| Input | ”a resource used to produce a good or service” |
| Output | ”a good or service produced from inputs” |
| Productivity | ”measures how much output is produced relative to inputs used” |
| Technology | ”the science that studies how to produce things better or more cheaply” |
