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economics the science that deals with the production, distribution, and consumption of goods and services economy the system of economic activity (producing, consuming, spending, saving, imports, exports..) Natural Resources something that is found in nature and is useful to humans (land, trees, water, coal, oil) Human Resources any person and their abilities and skills (mental and physical) Capital Resources tools used to create a good or to do a service (hammer, building, computer..) renewable resource a natural resource that can be re-made, re-grown, or replenished non renewable resource a natural resource that cannot be re-made, re-grown, or replenished. You cannot get more once it is used up. supply how much of something is available demand how much of something people want scarcity limited resources; something you want is not easily available; there is a shortage. wants things you would like to have but do not need good something you can use service something someone does for you opportunity cost what is given up because you choose to buy or do something else trade off losing or giving up one thing in order to gain something else revenue money received from selling goods and services taxes money paid to the government income money received for producing goods or doing services (working) specialization focusing on producing or doing one thing very well division of labor dividing work into separate groups interdependence depending on one another for products and services imports goods brought in from another state or country exports goods sent to another state or country