Economy Vocabulary< xml="true" ns="urn:schemas-microsoft-com:office:office" prefix="o" namespace="">
capital resources – goods made by people and used to produce other goods and services (machines, tools, buildings)
consumer – a person that consumes products made by producers
economic choice – the choice or decision among alternatives or possibilities
goods – things that people make or use to satisfy needs and wants
human resources – people working to produce goods and services
natural resources – materials that come from nature (water, soil, wood, coal)
opportunity cost – the next best choice that is given up when a decision is made
producers – people who use resources to make goods and/or provide services
services – activities that satisfy people’s needs and wants
economic specialization – focusing on one product or service
economic interdependence – two or more people depending on each other for goods and services.
scarcity – not being able to meet all wants at the same time; ‘not enough to go around’