| A | B |
|---|
| goods | things that people make or usse to satisfy needs and wants |
| goods | range from paper clips to airplanes |
| services | jobs in which people help other people's needs and wants |
| services | examples include teachers, doctors, clerks,barpers, plumbers, and maids |
| economics | the study of how people use and transfer resoureces |
| interdependence | when people depend on each other for goods and services |
| specialization | to do one job or make one part of a product |
| opportunity cost | what you give up to get something else |
| scarcity | not enough of something to meet peopl's needs or wants |
| natural resources | materials that come from nature |
| natural resources | examples include water, land, tees, coal, and oil |
| human resources | people working to produce goods and services |
| capital resources | goods made by people and used to produce other goods and services |
| capital resources | examples include machines, tools, and buildings |
| consumer | a person who uses a good or service |
| producer | a person who uses resources to make a good or service |
| economic choice | choice of or decision among alternatives or possibilities |
| savings | money put away to keep or spend later |
| barter | exchange of goods and services without the use of money |
| money | coins, paper bills, and checks used in exchange for goods and services |
