| A | B |
|---|
| Economic desicion making | The process of choosing which want will be satisfied |
| Economic Resources | The means through which goods and services are produced |
| Natural Resources | Raw materials supplied by nature |
| Goods | Things you can see and touch |
| Needs | Things that are necessary for survival |
| Human Resources | People that work to produce goods and services |
| Wants | Things that are not necessary for survival but that add comfort and pleasure |
| 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 |
| Profit | Money left from sales minus the cost of operating the business |
| Competition | The rivalry among businesses in selling to buyers |
| Custom-based economy | An economic system in which goods are produced the way they have always been produced |
| Marketplace | A place where buyers and sellers exchange products and money |
| Business | An establishment that supplies goods and services in return for some form of payment |
| Economic System | A nation's plan for making decisions on what and how to produce and distribute goods and services |
