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Capital Resources
Capital resources are goods produced and used to make other goods or services. Capital resources help increase productivity.

Consumers
Consumers are people who buy goods and services.

Demand
Demand is a relationship that shows the quantity of a good that buyers are willing and able to buy at various prices.

Economic Wants
Economic Wants are desires that can be satisfied by consuming a good, service, or leisure activity.

Entrepreneur
An entrepreneur is someone who takes the risk to develop a new product or start a new business. Entrepreneurs hope many consumers will buy their products so they can earn profits.

Good
A good is an object people want that they can touch or hold.

Human Resources
Human resources are the people who work to produce goods and services.

Interdependence
Interdependence occurs when people or countries depend on someone else to provide the goods and services they consume. The more people specialize and trade,
the more interdependent they become.

Investing
Investing occurs when people and businesses use money to purchase capital goods or increase the skills and abilities of workers.

Market
A market exists whenever people buy and sell goods and services. Markets are where prices are determined.

Natural Resources
Natural resources are gifts of nature that are used in the production of goods and services. All the raw materials used in production come from natural resources.

Opportunity Cost
When you make a decision, the most valuable alternative you give up is your opportunity cost. There is an opportunity cost to every decision.

Price
The price is what people pay when they purchase a good or service or what they receive when they sell a good or service. Market prices are determined by the buying and selling decisions of consumers and producers.

Producers
Producers are people who make goods and services.

Productive Resources
Productive Resources are the natural, human, and capital resources that are used to produce goods and services.

Productivity
Labor productivity measures how many goods or services are produced per worker. Greater productivity leads to higher standards of living.

Profit
Profit is the difference between the money people make when they produce and sell a good or service and all their costs of production.

Saving
Saving is the part of a person's income that is not spent for goods and services or used to pay taxes. People can earn interest on the money they save.

Scarcity
Scarcity is the condition of not being able to have all of the goods and services that you want. Because of scarcity, people must choose some things and give up others.

Service
A service is an action that a person does for someone else.

Specialize
People specialize when they produce only some of the goods and services they consume, then trade with others to get more of the things they want. Specialization increases the amount of goods and services that people produce and consume.

Supply
Producers supply goods and services and consumers demand them. Prices in the market are determined by the interaction of supply and demand.

Trade
People trade (exchange) with each other to get the goods and services they want. To make trade easier, people use money. When trade is voluntary, both people benefit. Trade without money is called barter.

Trade-Off
Trade-off is when you get a little less of one thing in order to get a little more of another thing.