Economics Vocabulary

Scarcity Not enough

Decisions you make between 2 or more things choices Decisions you make between 2 or more things

Things you need to make or build something resources Things you need to make or build something

The next best thing you give up opportunity cost The next best thing you give up

A person who BUYS a good or service consumer A person who BUYS a good or service

income The money you earn

Things you can buy or sell goods Things you can buy or sell

Things we pay people to do for us services Things we pay people to do for us

Money you pay to the government taxes Money you pay to the government

The person who makes a good or provides a service producer The person who makes a good or provides a service

Tools or equipment that are man-made Capital resources Tools or equipment that are man-made

Things that come from nature Natural resources Things that come from nature

The people who do the work Human resources The people who do the work

Depending on others to do their part. interdependence Depending on others to do their part.

specialization Doing one specific job

The amount of goods or services available to consumers supply The amount of goods or services available to consumers

The amount of a good or service people are willing to pay for or buy demand The amount of a good or service people are willing to pay for or buy

The things you don’t need to survive, but would like to have wants The things you don’t need to survive, but would like to have

The things you have to have to survive needs The things you have to have to survive