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Economics

TermDefinition
Goods Things that people make or use to satisfy needs and wants
Services Activities that satisfy people's needs and wants
Natural Resources Materials that come from nature
Human Resources People working to produce goods and services
Capital Resources Goods made by people and used to produce other goods and services
Producers People who use resources to make goods and/or services
Consumers People who use goods and/or services
Specialization Focusing on one product or service
Interdependence Two or more people depending on each other for goods and services
Economic Choice The choice or decision among alternatives or possibilities
Opportunity Cost The choice that was given up when an decision is made (you had the opportunity to buy, but chose not to)
Created by: 1112140658
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