 | Capital Resources: Goods that are used to make other products or
provide services. (tools) |
| Choice: The selection of one option or opportunity over all others. |
| Consumer: One who buys goods or services for personal or household
use. The end-user of a product. (customer) |
| Demand: The amount of goods or services buyers are willing to
purchase at different prices at a specific time |
| Economy: The system that a country uses to distribute its
resources, goods, and services. |
| Goods: Things that are made or gathered from nature to use or to
sell. (objects) |
| Human Resources: People or their special skills that are available
to use in producing goods or providing services. (people's skills and ideas) |
| Market: A place or method where products are exchanged. |
| Natural Resources: What exists naturally and is available to use to
produce goods and services. (not man-made, from nature) |
| Opportunity Cost: The single, best opportunity given up when a
choice is made. (next best choice) |
| Producer: A person or business using available resources to make
goods or provide services. (maker/creator) |
| Scarcity: Not having enough resources available to purchase or do
all that one desires. (when there's not enough) |
| Services: Skills that people, alone or as businesses, sell to
others. (something people or businesses do for you) |
| Specialization: To select or improve upon one skill or product. |
| Supply: The amount of goods or services available to sell at
different prices at a specific time. |
| Trade: The exchange of goods and services using money or barter. |
