| A | B |
|---|
| economics | social science that deals with choices of resources and spending |
| economics | Greek for household management |
| barter | trade or exchange goods and services for someone else's goods or services |
| command economy | government completely controls the economy |
| demand | ability and willingness of consumers to buy a goods or service |
| consumer | buyers |
| expansion | a periods of economic growth |
| market | business where buyers and sellers come together |
| price | value of a goods or service |
| goods | items to be purchased |
| service | people provide a helpful behavior to a consumer |
| supply | quantity of a goods or service available for sale |
| tradition | custom or belief passed down from generation to generation |
| wants | not a necessary good |
| need | necessary for survival |
| labor | workers |
| management | persons who "manage" others |
| capital | money used to purchase materials, or the actual value of materials |
