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Stack #4609416
| Question | Answer |
|---|---|
| Exchange | to trade one thing for another |
| barter | exchange of goods or services |
| needs | what people must have to live |
| wants | things we would have but can live without |
| economics choice | do not have enough money |
| Opportunity cost | What we choose |
| supply | How much you have or something |
| Demand | What people want |
| scarcity | when is there not enough of something |
| Goods | are things you can buy |
| services | work other people proved |
| natural resources | things that we get from nature |
| human resources | Jobs done by human at work |
| Capital resources | Machines, tools and buildings |
| producers | make goods or provide services |
| consumers | use or buy goods or services |
| economic specialization | When individuals, businesses or nations focus on producing specific goods or services |
| Interdependence | The dependence of two or more people or things on each other’s |
| Economics | Production distribution and conception of goods and services |