| A | B |
|---|
| capital good | munufactured goods that are used to produce other goods |
| consumption | process of using up goods and services to satisfy wants and needs |
| need | asic requirement for survival |
| want | way of expressing aneed that leads to a preference for some goods over others |
| service | work tht is performed for someone |
| production possibilities frontier | diagram representing various combinations of goods and/or services that an economy can produce |
| production | process of creating goods and services |
| factor market | market where productive resources are bought and sold |
| durable good | any good that lasts 3 years or more |
| free market enterprise economy | economy in which consumers and privately owned businesses make the marority of the what, how, and for whom decisions |
