1. Louisiana’s Riches
Unit 5

2. Supply
The amount of goods offered for sale by a business

3. Demand
The desire or need for a product or service

4. Competition
The efforts of two businesses with the same products or services to get customers to buy from them

5. Profit
The amount of money that is left over after all the costs of running a business have been paid

6. Natural Resource Materials from nature
Such as wood and stone, that people can use.

7. Capital Resource
Any good that is used in the production of other goods.
Examples: factories, many buildings ,and equipment

8. Human Resources
The persons employed in a business or organization

9. Government
A group of elected citizens who solve problems and make laws for a community

10. Scarcity
A shortage, or lack of supply, of a product

11. Abundance
A great or plentiful amount

12. Economic Choice
The choice made among possibilities

13. Opportunity Cost
The process of choosing one good or service over another. The item that you don’t pick is the opportunity cost.
Decide between a rabbit or skateboard

14. Consumer
A person who buys a product or service

15. Producer
Someone who makes a product or offers a service

16. Trade
The exchange of one kind of product or service for another

17. Specialization
When an individual or a company specializes in doing one part of a task, and relies on others to complete the other parts.

18. Interdependence
Freedom from the control of another country