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 |