| A | B |
|---|
| Economics | study of how individuals and societies seek to satisfy needs and wants through incentives, choices and allocation of scarce resources |
| Scarcity | resources are limited |
| Capital Resources | used to produce goods and services (buildings, materials, and equipment) |
| Natural Resources | raw materials found in nature that are used to produce goods |
| Human Resources | people's knowledge, efforts, and skills used in their work |
| Entrepreneurial Resources | recognize the need for new goods and services |
| Strong Command Economy | government makes all the decisions |
| Market Economy | businesses and consumers decide what they will produce and purchase and in what quantities |
| Moderate Command Economy | some form of private enterprise exists but the state owns major resources |
| Mixed Economy | government takes care of people's needs and marketplace takes care of people's wants |
| Traditional Economy | economic activities are centered around the family unit |
