| A | B |
|---|
| economy | way which natural resources are used to produce good |
| raw materials | materials used to manufacture goods |
| supply | amount available for sale |
| demand | amount wanted at a stated price |
| opportunity cost | what you give up to get something you desire |
| scarcity | not enough of something desired |
| capital | money |
| competition | rivals |
| capitalism | US economic system |
| monopoly | when one controls all |
| government regulation | safety regulations |
| Adam Smith | wrote Wealth of Nations - no govt control |
| Laissez-faire | leave it alone |
| Socialism/communism | government ownership - control |
| Karl Marx | philosopher developed theory of socialism |
