Like this study set? Create a free account to save it.

Sign up for an account

Already have a Quizlet account? .

Create an account

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


A person who uses goods and services


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


Activities that satisfy peoples wants and needs


The exchange of goods or services without the use of money


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


something we desire but do not need

Basic Needs

Things people need to live, like food, clothing and shelter


Things people make or use to satisfy needs and wants


What is used to buy goods and services


A person who sells goods or sevices


A person who uses money to purchase goods and services


Money put away to use at a later time


money that you have earned

Economic decision

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


how much of a good or service a producer makes


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

Please allow access to your computer’s microphone to use Voice Recording.

Having trouble? Click here for help.

We can’t access your microphone!

Click the icon above to update your browser permissions and try again


Reload the page to try again!


Press Cmd-0 to reset your zoom

Press Ctrl-0 to reset your zoom

It looks like your browser might be zoomed in or out. Your browser needs to be zoomed to a normal size to record audio.

Please upgrade Flash or install Chrome
to use Voice Recording.

For more help, see our troubleshooting page.

Your microphone is muted

For help fixing this issue, see this FAQ.

Star this term

You can study starred terms together

Voice Recording