goods - Items you can use or consume to meet your needs., service - This is work that one person does for another person., budget - A plan for saving and spending income on various resources., supply - This is the amount of a product that is available., demand - This is the amount of the product that people actually want or need., surplus - When there is a greater amount or supply of something and there is not a demand for it., opportunity cost - This is making a decision or choice. When you have to decide on what to keep and what to give up., market - A place where goods are traded in exchange for money., producer - Someone who makes a good or provides a service., consumers - People who buy goods and services., entrepreneurs - This is a person who decides to create/run a business., charity - This is an organization that is set up to help people in need., donating - This is giving money, goods, or services to help others and expecting nothing in return., wants - Goods that people think that they have to have., needs - Things that people have to have to survive-air, water, shelter, clothing, and sleep., natural resources - Resources found in nature that are needed to make a product., labor - Talents, training, and skills of people which are used in producing goods and services., capital resources - Resources such as tools and equipment that must be bought to help produce goods. , economics - The science of how people use resources to satisfy wants and needs., human resources - Humans needed to help make a product or help provide a service.,

Economics Vocabulary

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