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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

when a resource is limited and there is not enough for everyone to have all they want

Wants

something we desire but do not need

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

Income

money that you have earned

Economic decision

making this decision requires comparing both the opportunity cost and the monetary cost of choices with benefits

Supply

how much of a good or service a producer makes

Demand

the number of consumers that want a certain good or service.

Natural Resources Examples

wood, coal, water, soil

Human Resources Examples

artists, teachers, doctors, waiters, police

Capital Resources Examples

machines, tools, buildings

Ways a consumer can obtain a good or service

Currency is currently used in our society. In the past, a barter system was use

Something that is made

a good that will satisfy your want or need

If there is a low supply and/or high demand

then there isn't enough of the producer's good or service to meet the needs and wants of the consumers

If there isn't a high supply and/or low demand

then there is too much of a good or service

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