Economic Words To Know...

Scarcity                   When you don't have enough of what you want.

Surplus                    When you have more than you need.

Opportunity Cost  The most important thing that you give up because
                                  a scarcity and the choices that you have to make.

Goods                     Things that consumers buy.  Something that you
                                   can hold in your hand.

Service                     Something that someone does for you.

Interdependence     All things/people depend on each other.

Resources                Something used to provide a good or a service.