| A | B |
|---|
| The 4 factors of Production | entrepreneurship, land, capital, labor |
| land | animals, minerals, soil, plants, water |
| labor | lawyers, teachers, construction workers, typists, truck drivers |
| capital goods | truck, computer, pens, paper, building, desk chairs, money |
| entrepreneur | ower of Krogers |
| Entrepreneurship | misxture of the 4 factors of production |
| goods | materials things that people buy (shoes) |
| services | barber, taxi, school, fast food |
| managers | work for the entrepreneur |
| scarcity | limited resources |
| consumers | people who buy goods and services |
| suppliers | individuals produce goods or services |
| demand | amount of good or service that people want |
| supply | amount of good or service that is made available |
| Law of Supply | as the price goes up, the supply will increase |
| Law of Demand | As the Price increases, the demand decreases |
| imports | goods that are brought into a country |
| exports | goods that are sent out from a country |
