| A | B |
|---|
| goods | material things people buy |
| services | things people do for others |
| opportunity cost | the thing you give up when you make an economic decision |
| consumer | a person who uses a good or service |
| specialize | to make a certain good or service |
| scarcity | not having enough of something |
| entrepreneur | owning and running a business |
| captial goods | using things that are already made to make something else |
| land | natural resources |
| labor | workers |
| profit | money made after expenses are paid |
| Edward Libbey | started a glass company |
| B.F. Goodrich | owned a rubber making factory |
| John D. Rockefeller | founded the Standard Oil Company |
| Thomas Edison | invented the record player, movie projector, and improved light bulb |
| Charles Brush | invented the electric streetlight |
| Granville Woods | invented the railroad telegraph |
| Orville and Wilbur Wright | flew the first powered aircraft flight |
| Charles Kettering | invented the automobile self-starter |
| immigrants | chose to live in the same neighborhood so they could speak their language and share traditions |
| competition | happens when more than one business tries to sell the same good |
| profit | subtract your expenses from how much money you made |
