| Term | Definition |
|---|
| Human Resources | People working to produce goods and services |
| Capital Resources | Goods made by people and used to produce other goods and services |
| Natural Resources | Materials that come from nature |
| Consumer | A person who uses goods and services |
| Producer | A person who uses resources to make and/or provide services |
| Economic Specialization | Focusing on one product or service |
| Economic Interdependence | Two or more people depending on each other for goods and services |
| Economic Choice | The choice or our decision among alternatives or possibilities |
| Opportunity Cost | The next best choice that is given up when a decision is made |
| Services | Activities that satisfy peoples wants and needs |
| Bartering | The exchange of goods or services without the use of money |
| Scarcity | Not being able to meet all the wants at the same time |
| Wants | Things people would like to have |
| Basic Needs | Things people need to live, like food, clothing and shelter |
| Goods | Things people make or use to satisfy needs and wants |
| Money | What is used to buy goods and services |
| Seller | A person who sells goods or sevices |
| Buyer | A person who uses money to purchase goods and services |
| Savings | Money put away to use at a later time |
Combine with other sets
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