Economics Review 2021

When people are dependent on one another for their needs...

• interdependence

• human resources

• opportunity cost

• goods

Something you give up when you choose to spend on something else

• interdependence

• human resources

• opportunity cost

• goods

taking risks to start a new company, inventing new product, or process to make a product

• interdependence

• human resources

• opportunity cost

• entrepreneurship

four categories of resources that are used to produce goods and services

• interdependence

• productive resources

• opportunity cost

• entrepreneurship

work that people do for other people

• goods

• capital resources

• opportunity cost

• services

things we can use to produce or make goods and services

• demand

• capital resources

• opportunity cost

• services

things (items) people buy and sell

• demand

• goods

• opportunity cost

• services

the amount producers will make for a certain price

• opportunity cost

• demand

• supply

• services

currency

• opportunity cost

• money

• supply

• services

all the things from nature that are used in the making or producing a product.

• opportunity cost

• natural resources

• human resources

• services