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Question | Answer |
This happens when there's not enough of something you want. | Scarcity |
In economic problems, people have to make choices because of scarcity. | Economic problem |
Decisions. | Choices |
Things we use to satisfy our wants. | Resources |
Not enough resources to satisfy all our wants. | Limited Resources |
The best thing you give up to get something. | opportunity cost |
Something people want that you can hold or touch. | Good |
A person who uses a good or service. | consumer |
Something people do for other people. | service |
The money you earn. | income |
A person who makes a good or provides a service. | producer |
Resources found in people, such as their skills and ideas. | human resources |
Putting resources together to make goods or provide services. | production |
The many things nature provides that we use to satisfy our wants. | natural resources |
Goods that are used to make other goods or to provide services. | capital resources |
People depend on each other. | interdependence |
To do a certain job. | specialize |
Depending on each other. | interdependent |