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