| A | B |
|---|
| Money | serves as a medium of exchange |
| Four Factors of Production | human resources, natural resources, capital, and entrepreneurship |
| Natual Resources | land, trees, oil ; "Gifts of nature";limited |
| Capital Resources | tools, factories; things used to make goods nd services |
| Human Resources | physical and intellectual efforts used to produce goods and services |
| Entrepreneurship | "puts it all together"; an entrepreneur is someone who knows how to put human resources, natural resources, and capital together to run a business |
| Scarcity | exists because people have unlimited wants and limited resources |
| Want | a desire |
| Need | something we must have in order to survive |
| Barter | trade |
| Money | a medium for exchange |
| Goods | products bought by consumers |
| Services | activities that satisfy people's wants and needs |
