A | B |
economics | the study of the way the things people need and want are made and brought to them |
market | a place where goods are bought and sold |
law of supply and demand | when the quantity of a wanted item is limited, its price goes up |
producers | people who make goods |
consumers | people who use goods or services |
barter | to trade |
interdependence | relying upon one another for desired goods or services |
natural resources | trees, land, minerals and water are some examples |
opportunity cost | when you choose to buy one thing over something else, what you don't buy is your___. |
capital resources | buildings and equipment used to produce goods or services |
goods and services | everything bought and sold |
labor force/human resources | the people who produce goods and services |
scarcity | not enough of something, causing choices to need to be made. |