Economics study guide

_______________ is something that can be used; something someone makes

• good

• service

• consumer

• producer

___________________ an action that someone does for someone else in exchange for money.

• good

• service

• producer

• consumer

a person who makes goods or provides services

• good

• service

• producer

• consumer

a person who buys a good or service

• good

• service

• producer

• consumer

what you give up in order to get something that you want

• scarcity

• opportunity cost

• entrepreneur

• produce

a person who starts a business

• entrepreneur

• producer

• consumer

a very low supply of a good; when there isn't enough to go around

• scarcity

• opportunity cost

• good

• service

the workers and people who are needed to make a good or provide a service

• human resouce

• capital resource

• natural resource

raw materials that come from the earth that are used to make a good or provide a service

• human resource

• natural resouce

• capital resource

things such as equipment, machines, and money that help workers make goods or provide services

• human resources

• natural resources

• capital resources