| A | B |
|---|
| Economics | study of how people make choices about ways to secure resources to fulfill their wants and needs |
| Wants | things we would like to have |
| Needs | Requirements for survival |
| Land | area needed to produce goods or services |
| Renewable Resources | materials in nature that replenish themselves |
| Labor | the human effort directed toward producing goods and services |
| Capital | goods used to make other goods - machines, tools, buildings |
| Entrepreneurship | skill of individuals who start new businesses |
| Productivity | degree that resources are being used efficiently to produce goods and services |
| Limited resources | resources that are in limited quantity |
| Services | work performed by someone for someone else |
| Goods | tangible products to satisfy our wants or needs |
| Wages | money paid to workers on an hourly basis |
| Salary | money paid to management on a weekly, monthly or yearly basis |
| Consumer | someone who uses a good or service |
| Producer | someone who makes or delivers a good or service |
| Pricing | the determining of how much a business can get for its goods in the market |
| Nonrenewal resources | materials in nature that do not replenish themselves |
| Immediate Gratification | short term pleasure of a good with no long standing purpose |
| Incentives | rewards that are offered to try to persuade people to take certain economic actions |
| Fixed Costs | costs that are the same, no matter how many units of a good are produced |
| Variable Costs | costs that change with the number of products produced |
| Total Costs | adding fixed and variable costs together |
| Marginal Costs | extra cost to produce one additional unit of output |
| Assembly line | production where the product moves from station to station with each station specializing in the task they do |
| Technologies | use of science to produce goods and services or to do things faster or more efficient |
| Robotics | use of non-human labor to produce goods |
| Invention | any new product or idea |
| Innovation | a new idea about an existing product or technique |
| Mass production | making goods in huge quantities that are usually identical items |
