Good
object that people can want or hold
Service
an action that a person does for someone else
Natural resources
resources that are made from nature and used to produce goods and services
Human resources
people that are used to produce goods and services
Capital resources
goods used to make other goods and services
Entrepreneur
a person who starts and / or owns a business
Profit
amount of money remaining after expenses
Producer
person who made goods and services
Consumer
person who buys goods and services
Spending
payment for goods and services
Saving
money that is not spent
Price
what people pay for goods and services
Opportunity Cost
when one chooses to buy one item over another, the item he/she didn't buy is the opportunity cost
Budget
a plan for keeping track of savings and spending
Taxes
money people pay to the government to pay for services such as roads, schools, and police
Supply
the amount of a good or service available
Demand
the quantity of people wanting to buy a good or service
Scarcity
when there is not enough of a good for everyone who wants to buy it
Competition
when more than one business is selling the same, or similar, good or service
Import
goods shipped To the United States From another country
Export
goods shipped From the United States To another country
Trade
an exchange of goods, services, or money in return for goods or services
Barter
trade without money
Interdependence
when people and/or countries depend on one another to provide their goods and services