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Here are the definitions we filled into our word book. The students came up with the definitions, with a little help occasionally.

Economics: the study of money, resources, businesses, and choices.

Capital resources: tools; we use them to make other things.

Consumer: customer or user.

Demand: amount people want and can buy at a certain time and price.

Goods: things.

Human resources: peoples skills and ideas.

Natural resources: something from nature.

Opportunity cost: your second choice.

Producer: seller or maker.

Scarcity: when you don’t have enough of something you want.

Service: when somebody or a business does something for you.

Supply: amount of something available to sell at a certain time and price.

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