Economic Terms

Front

Occurs when there is not enough of something you want

Back

scarcity

Front

A person who uses goods and services

Back

consumer

Front

What people use to satisfy their needs and wants

Back

resources

Front

People depending on each other to do their specialized jobs

Back

interdependence

Front

The thing you give up when you have to make a choice between two or more things

Back

opportunity cost

Front

A person who makes a good or provides a service

Back

producer

Front

Something people do for other people to satisfy their needs and wants

Back

service

Front

Things people can make, grow, or use to satisfy their needs and wants

Back

goods

Front

A plan for using the money you earn

Back

budget

Front

When there are not enough resources to satisfy our needs and wants

Back

limited resources