1. Economics Vocabulary

2. Scarcity
Not enough

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

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

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

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

7. income
The money you earn

8. Things you can buy or sell
goods
Things you can buy or sell

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

10. Money you pay to the government
taxes
Money you pay to the government

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

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

13. Things that come from nature
Natural resources
Things that come from nature

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

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

16. specialization
Doing one specific job

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

18. 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

19. 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

20. The things you have to have to survive
needs
The things you have to have to survive