Economics Test Review

Something that is required for a safe, stable, and healthy life

• scarcity

• need

• good

Goods that are used to make other goods or to provide services

• capital resources

• choices

• income

Something people do for other people

• resources

• consumer

• service

The best thing you give up to get something

• opportunity cost

• human resources

• budget

Decisions

• interdependence

• capital resources

• choices

A wish or desire to own goods and/or services

• economic problem

• wants

• income

The many things nature provides that we use to satisfy our needs/wants

• good

• natural resource

• specialize

The money you earn

• scarcity

• service

• income

Not enough RESOURCES to satisfy all our wants/needs

• limited resources

• opportunity cost

• production

A financial plan for a specific period of time

• resources

• consumer

• budget