Vocabulary

Scarcity:
Economic resources are limited, that is, there is not enough of any commodity to go around.  As a result, some people must do without them.

Economic Resource (economic goods):
Land, labor or capital (money) which is used to produce other goods.

Tradeoff:
Giving up one goal in order to achieve another goal.

Opportunity cost:
The cost of giving up one choice in order to select another choice.