| A | B |
|---|
| Wants | Things that you do not have to have to survive, but would like to have. |
| Needs | Things that you must have in order to survive |
| Goods | Physical products. |
| Services | Tasks that businesses perform for consumers. |
| Resources | Items that people can use to make or obtain what they need or want. |
| Business | Any commercial activity that seeks profit by providing goods and services in exchange for money. |
| Profit | The money left over after a business has paid the cost of providing its goods and services. |
| Competition | The contest between businesses to win customers. |
| Consumer | A person who uses goods or services. |
| Natural Resources | Raw materials from nature that are used to produce goods. |
| Labor Resources | People who make the goods and services for which they are paid. |
| Capital Resources | The things used to produce goods and services, such as buildings, materials, and equipment. |
| Entrepreneurial Resources | Are individuals who start and direct businesses to produce goods and services to satisfy needs or wants. |
| Economics | The study of how individuals and groups of individuals strive to satisfy their needs and wants by making choices. |
| Economic Systems | The methods societies use to distribute resources. |
| Market Economy | Economic decisions are made in the marketplace. |
| Command Economy | A central authority makes the key economic decisions. |
| Mixed Economy | Contains both private and public enterprises. |
| Price | The amount of money given or asked for when goods and services are bought or sold. |
| Supply | The amount of goods and services that producers will provide at various prices. |
| Demand | The amount or quantity of goods and services that consumers are willing to buy at various prices. |
| Gross Domestic Product | The total value of the goods and services produced in a country in a given year. |
| Standard of Living | The level of material comfort as measured by the goods and services that are available. |
| Inflation | A general increase in the price of goods and services. |
| Deflation | A general decrease in the price of goods and services. |
| National Debt | The total amount of money the government owes. |
