| A | B |
|---|
| Citizen | A member of a town, city, state, or country. |
| Community | A place where people live, work, trade, and share. |
| Trade | Exchange goods and services, usually for money. |
| Business | A company that sells goods and/or services. |
| Right | The ability to act in a certain way. |
| Responsibility | A duty, a way of action for the common good of the community. |
| Economy | A system of production, consumption, and distribution of goods, serices, and resources. |
| Resources | Things and people used to produce goods and services. |
| Human resources | The skills and abilities of people. |
| Natural Resources | Things used in production of goods that occur naturally in the world, such as water. |
| Capital Resource | Resources made by people, such as factories. |
| Market | A system which people and businesses buy and sell goods, services, and resources. |
| Circular Flow | A model of goods, services, resources, and money in an economy. |
| Scarcity | A situation in which people can't have everything they want because of limited resources. |
| Profit | The money that is left over after a business pays all its costs. |
| Free Enterprise | A system which economic decisions are made in markets by people and businesses, with little government influences. |
| Public Goods and Services | Goods and services that provide benefits to many people, but people may not be resricted from using them. |
| Private Goods and Services | Goods and services that are exchanged in the markets for a price. |
| Taxes | Required payments to governments |
| Philanthropy | The effort to increase the well being of people through charitable giving. |
| Non-Profit Organization | Institutions developed to increase the well-being of others in certain areas, such as education, religion, health, and other good causes. |
| Opportunity Cost | The value of the next best alternative given up when a choice to purchase is made. |
