| A | B |
|---|
| scarity | the lack of resources |
| Factors of production | economic resources necessary to produce a societys goods and services |
| Natural resources | raw materials from nature that are used to produce goods |
| Labor Resources | people who make the goods and services fro which they are paid |
| Capital resources | things used to produce goods and services |
| entrepreneurial resources | resources used by the people who recognize opportunities and start businesses |
| Entrepreneurship | process of recognizing a business opportunity |
| Entrepreneur | individual who undertakes the creation of a business |
| economics | the study of how individuals strive to stastify their needs and wants |
| Economic Systems | the methods socities use to distribute resources |
| Market economy | economic system in which econopmic decisions are made |
| Price | amount of money given for when goods are services |
| supply | amount of goods and services that producers will supply |
| demand | amount or quanity that consumers are willing to buy |
| equilibrium price | the point at which the quanity demanded and the quanity supplied meet |
| command economy | economic system in which a central authority makes the key decisions |
| mixed economy | economy that contains both private and public enterprises |
| GDP | total value of the goods and services produced in a country in a given year |
| Inflation | is a general increase in the price of goods and services |
| deflation | general decrease in the price of goods and services |
