Economic Terms

Occurs when there is not enough of something you want

• budget

• scarcity

• resource

• opportunity cost

A person who uses goods and services

• service

• resource

• consumer

• producer

What people use to satisfy their needs and wants

• resources

• producer

• consumer

• interdependence

People depending on each other to do their specialized jobs

• consumption

• production

• income

• interdependence

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

• economics

• opportunity cost

• goods

• services

A person who makes a good or provides a service

• good

• service

• consumer

• producer

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

• service

• goods

• resources

• income

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

• income

• goods

• services

• budget

A plan for using the money you earn

• financial

• opportunity cost

• income

• budget

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

• economics

• interdependence

• limited resources

• financial