Vocabulary #18 1. 2. 3. 4.

consumers producers scarcity specialization someone who purchases a good for personal use someone who creates economic value, or produces goods and services insufficiency or shortness of supply to train in or devote oneself to a particular area of study, occupation, or activity the benefit that could have been gained from an alternative use of the same resource the exchange of one thing for another of more or less equal value, especially to effect a compromise merchandise; wares; tangible products that satisfy human wants work done for others as an occupation or business naturally occurring materials such as that can be used by man tools, machines, and factories used to produce goods

5. opportunity cost 6. trade-off 7. 8. 9. 10. goods services natural resources capital resources