| A | B |
|---|
| budget | plan for spending/saving |
| supply | the quantity of a good producers are willing and able to sell |
| demand | the quantity of a good that consumers are willing and able to buy |
| entrepreneur | risk taker |
| profit | the money a business keeps after paying all of its costs |
| choice | alternatives |
| goods | tangible products |
| consumers | one who uses goods and services |
| economics | using what you have to get the most of what you want |
| market price | price at which buyers are willing & able to buy and sellers willing and able to sell |
| opportunity costs | the choice you could have had |
| sole proprietorship | business owned by one person |
| scarcity | the inability to make enough for everyone all the time |
| factors of production | land, capital, entrepreneurship, labor |
| services | an action to benefit someone |
