| Scarcity | When there’s not enough of something you want. |
| Choices | Decisions-Because you can’t have everything you want, you have to decide what things you want and what you will give up. |
| Wants | Something you don’t have to have to survive. |
| Needs | Something you need (MUST have) to survive. |
| Natural Resources | The many things nature provides that we use to satisfy our wants and needs. |
| Human Resources | Resources found in people, such as their skills or ideas. |
| Goods | Something people want that you can hold or touch (clothes, food), |
| Services | Something people do for other people (teacher, doctor, policeman). |
| Opportunity Cost | Best thing you give up to get something (boiled egg now instead of egg salad later). |
| Supply | The amount of a product offered at a given price or available for meeting a demand. |
| Demand | The amount of a given product that people will buy at a given price. The more people that want it, the greater the demand. |
| Buyer | A person who buys goods or services. |
| Producer | One who makes things for sale or use. |
| Consumer | One who buys or uses goods or services. |
| Barter | Trade for goods and services. |
| Price | The amount of money or goods given in exchange for something. |
| Advertising | To proclaim the qualities of a product or service by publication or broadcasting, in order to sell (newspaper ad or TV commercial). |
| Economics | Anything to do with money or the purchase of goods and services. |
| Income | The money a person earns for working. |
| Money | A way of paying for a good or service; in the form of coins or paper. |
