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12 Cards in this Set

  • Front
  • Back
Income
The money that you earn.
Scarcity
When there isn't enough of something you want.
Goods
Something that people want that they can touch or hold.
Consumer
A customer, or a person who uses a service.
Service
Something that someone does for you.
Specialize
To do a special job.
Opportunity Cost
The thing you give up when you must make a decision.
Choice
When you have to make a decision between a few things.
Interdependence
People who depend on one another.
Resources
The materials needed to make something.
Producer
The person who makes the goods.
Production
The combining of resources to make a good that people want.