| A | B |
|---|
| Channel of Distribution | The way products move from wholesalers to retailers to consumers |
| Demand | The quantity of products that consumers are willing to buy at a certain price |
| Labor Productivity | The quantity of a good an average worker produces in one hour |
| Public Goods | Things that are needed and provided by a community and are equally accessible to everyone |
| Private Property | The right to own, use, or dispose of things of value |
| Profit Motive | The desire to work hard and be creative to earn a higher profit |
| Marketplace | Any place where buyers and sellers exchange goods and services for some form of money |
| Competition | The rivalry among business in selling to consumers |
| Wants | Things that are not necessary for survival but add comfort |
| Needs | Things that are essential for survival |
| Natural Resources | Raw materials supplied by nature |
| Scarcity | How to satisfy unlimited wants with limited resources |
| Goods | Things that you can see and touch |
| Services | Things that satisfy our wants through the efforts of other people or equipment |
| Wholesaler | A middle firm that assists with distribution |
| Product | Anything offered to the target market to satisfy its needs |
| Target market | A clearly identified group of consumers with needs that the business wants to satisfy |
| Ethics | Principles of morality or rules of conduct |
| Social Responsibility | The obligation of a business to contribute to the well-being of a community |
| Non renewable resources | Gas, coal, copper, that cannot be replaced |
