Economic Vocabulary

6. The use of a resource to produce only a single good or a few goods and services
7. Something extra that you don't need for survival
12. Something provided by nature that can be used to produce goods and services
14. The amount of goods and services produced by a worker or business in a given time period
16. Not enough of a good or service

1. Excess of a good or service
2. Whatever is given up when a choice is made. A trade-off
3. Not enough of a certain resource to satisfy people's needs and wants
4. Human resource-mental and physical efforts to produce good and services (workers)
5. A person who comes up with ideas for producing goods and services
8. Things that can be seen, touched, bought, or sold
9. Environmental resource-natural resources, land, water, air, wildlife
10. Something necessary
11. An activity performed for others for money
13. The study of how people, businesses, and governments choose to use their limited resources
15. Human-made items, such as machines and tools, that are used to produce goods and services