| A | B |
|---|
| economics | the study of how individuals and nations make choices about using scarce resources to fulfill their wants and needs |
| resources | anything that people can use to make or obtain what they need or want |
| scarcity | state in which people do not and cannot have enough income time or other resources to satisfy their every desire |
| wants | economists' term for everything people desire beyond basic goods and services that meet their needs |
| land | term used to refer to natural resources and surface land; all things found in nature, in or on the earth and water |
| labor | work people do |
| capital | all property used to produce goods and services |
| productivity | ability to produce greater quantities of goods and services in better and faster ways |
| entrepreneurship | ability to start new businesses, to introduce new products and techniques and to improve management techniques |
| factors of production | resources of land, labor, capital and entrepreneurship used to produce goods and services |
| goods and services | end results of factors of production; goods are the things people buy; services are the activities done for others for a fee |
| technology | use of science to develop new products and new methods for producing and distributing goods and services |
