| A | B |
|---|
| advertise | to publicly promote a product with the intention of increasing sales |
| agriculture | farming |
| barter | a direct trade of goods or services |
| budget | a plan isting how income is used to pay for expenses |
| business | an industrial or commercial organization |
| capital resources | resources made by people |
| command economic system | an economic system with a central authority who makes most of the decisions |
| commerce | the buying and selling of goods |
| competition | a contest to equal or surpass another person in some way |
| consumer | a person who buys goods and services for personal needs |
| currency | coins and paper money |
| demand | the quantities of a good that consumers are willing and able to purchase at various prices during a given period of time |
| distribution | the arrangement of items over a specified area |
| economics | the study of the use of the distriution and production of goods and services |
| economy | the way people use resources to make and sell goods and services |
| expenses | the amount of money charged for goods and services |
| export | goods and services that one country sells to another |
| foreign | having to do with countries other than one's own country |
| goods | things bought and sold |
| growth | an increase in value and worth |
| human resources | labor and money |
| import | goos and services that one country buys from another country |
| income | money you receive for services |
| industry | a branch of business or manufacturing that makes a product or service |
| interdependence | people relying on each other in different places or in the same place for ideas, goods and services |
| manufacture | make things by machinery |
| market | buying and selling of goods and services |
| natural resources | things that come from nature, from which people produce goods and provide services |
| needs | goods and services that you cannot live without |
| non-renewable resources | a resource that cannot be replaced once it is used |
| price | the amount of money asked or paid for something |
| produce | to make something, or something made |
| product | something made |
| profit | the amount of money made after subtracting the cost of producing |
| quantity | the amount of something |
| raw materials | materials before they are made into something |
| renewable resources | a resource that can be generated (e.g., fish, forests) |
| resources | an aspect of the physical environment people value and use to meet needs |
| scarcity | the supply of goods and services is hard to find, rare, inadequate |
| services | work done for others |
| resources | an aspect of the physical environment people value and use to meet needs |
| scarcity | the supply of goods and services is hard to find, or is inadequate |
| services | work done for others |
| specialization | spending most of one's time doing one kind of job |
| supply | the quantity of goods supplied will be greater at a higher price than it will be at a lower price |
| tariff | tax placed on goods brought into a country |
| taxes | a payment of your income to support the government and its programs |
| trade | an exchange of goods and services |
| wages | income, money paid for work done |
| wants | things you wish to see or have |
