| A | B |
|---|
| capital | money needed to start and operate a business |
| command economy | type of economy run by a central government |
| demand | the quantity of a product or service that consumers are willing and able to pay for at a given price |
| free enterprise system | type of economy where businesses are owned by private individuals or groups |
| human resources | people who work to make natural resources available to us in the form of goods and services |
| mixed economy | type of economy where some businesses are owned privately and some are owned or controlled by the government |
| natural resources | raw materials that are supplied by nature |
| needs | things necessary for survival; food, clothing, shelter |
| profit | results when a business' income is greater than its expenses |
| profit motive | the desire to make money |
| supply | quantity of a good or service that businesses are willing and able to provide at a particular price |
| surplus | when too much of a good or service exists |
| traditional economy | type of economy where people believe in doing things the same as they have always been done in the past |
| wants | things that aren't necessary for survival but add pleasure and comfort to our lives |
