| A | B |
|---|
| Free Market Economy | When the three economic questions are answered by individuals and businesses |
| Scarcity | unlimited wants and needs, but limited resources |
| Opportunity costs | The next best alternative choice you could have made |
| Economy | The interaction of people, businesses, and governments in a market |
| Command Economy | When the three economic decisions are made by a leader and/or government |
| Choice | A decision you make |
| Resource | Something you use to make, create, think, and/or do. |
| Time | A very scarce resource |
| Money | One of the most scarce resrouces |
| Water | A very scarce resrouces during the tragedy in Haiti |
| Pencils | A scarce resource for some 7th graders in class everyday |
| Freedom Fraser | An economic leader who lets people made decisions on their own |
| Costs | What you give up for something (Buying and Selling) |
| Benefits | What you get from something (Buying and Selling) |
| Goods | Anything people want and need that is usually bought on a shelf to use |
| Services | Anything people want and need that someone provides for them for a price |
| Want | Not needed for survival |
| Need | Cannot live without |
| Malaria | a parasitic disease that involves high fevers, shaking chills, flu-like symptoms |
| Cancer | he uncontrolled growth of abnormal cells in the body |
