Vocabulary 4

Materials from nature such as water and trees that people use.

• Limited resources

• Natural Resources

• Human Resources

Things that are used to produce goods and services.

• Capital Resources

• Opportunity Cost

• Scarcity

Not having enough of something.

• Unlimited wants

• Limited Resources

• Scarcity

Only having a certain amount of resources.

• Scarcity

• Limited Resources

• Unlimited Resources

The thing you give up when you choose something else.

• Opportunity Cost

• Natural Resources

• Scarcity

There is no end to how many things people want or need.

• Scarcity

• Limited resources

• Unlimited resources

Ways that people use resources and make goods and services.

• Economic activities

• Scarcity

• Natural resources

• Opportunity cost

People and the skills and knowledge they bring to their work.

• Human Resources

• Scarcity

• Capital Resources