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16 Cards in this Set

  • Front
  • Back
Decisions you must make because you can't have everything you want.
choices
The money you earn.
income
Something people do for other people.
service
The many things nature provides that we use to satisfy our wants.
natural resources
To do a certain job.
specialize
Something people want that you can hold or touch.
good
A person who makes a good or provides a service.
producer
Producing more per hour.
increased labor productivity
Putting resources together to make goods or provide services.
production
Goods that are used to produce other goods or to provide services.
capital resources
The best thing you give up to get something.
opportunity cost
A person who uses a good or a service.
consumer
This is found in people such as their skills and ideas.
human resources
Buying one book instead of two to have money for a friend's gift.
trade-off
This happens when there's not enough of something you want.
scarcity
This is purchasing tools to make kitchen cabinets to increase productivity.
investment