| A | B |
|---|
| citizen | A member of a town, city, county, state, or country. |
| community | A place where people live, work, trade, and share. |
| trade | Exchange goods and services, usually for money. |
| business | A company that sells goods and/or services. |
| right | The ability to act in a certain way. |
| responsibility | A duty. |
| economy | A system of production, consumption, and distribution of goods, services, and resources. |
| resources | Things and people used to produce goods and services. |
| human resources | The skills and abilities of workers used in production. |
| natural resources | Things used in production that occur naturally in the world, such as water. |
| capital resources | Resources made by people, such as factories. |
| market | A system in which people and businesses buy and sell goods, services, and resources. |
| circular flow | A model of the movements of goods, services, resources, and money in an economy. |
| prototype | A model or sample of product to be produced. |
| scarcity | A situation in which people can’t have everything they want because of limited resources. |
| free enterprise | A system in which economic decisions are made in markets by people and businesses, with little government influence. |
| profit | The money that is left over after a business pays all its costs. |
| public goods and services | Goods and services that provide benefits to many people, but people may not be restricted from using them. |
| private goods and services | Goods and services that are exchanged in markets for a price. |
| taxes | Required payments to government. |
| philanthropy | The effort to increase the well-being of people through charitable giving. |
| nonprofit organization | Institutions developed to increase the well-being of others in certain areas, such as education, religion, health, and other good causes. |
| opportunity cost | The value of the next best alternative given up when a choice is made. |
