| A | B |
|---|
| the science that deals with the production, distribution, and consumption of goods and services and how people choose to use their limited resources | Economics |
| the need or desire/wish for something | Want |
| items that are a must for survival | Needs |
| resources from nature | land |
| any natural resource (as wood or solar energy) that can be replenished naturally with the passage of time | renewable resources |
| a natural resource which cannot be produced, grown, generated, or used on a scale which can sustain its consumption rate | non renewable resources |
| human skills or effort | labor |
| goods that are used to produce other goods and services, available supply of money | capital |
| the act of taking land, labor and capital together and starting a business | entrepreneurship |
| the rate at which goods and services are being produced | productivity |
| resources that are scarce | limited resources |
| models that are created to try and understand public policy | decision-making model |
| provided by individuals to help others, intangible | services |
| tangible products that can be used by an individual | goods |
| the hourly rate of an individual | wages |
| fixed payment at regular intervals for services | salary |
| a person who buys a good or service | consumer |
| a person or organization that produces goods or services for sale. | producer |
| the sum or amount of money or its equivalent for which anything is bought, sold, or offered for sale | pricing |
| "living for the day", is all about setting short term aims and wanting rhe rewards straight away rather than waiting to recieve them | immediate gratification |
| Something, such as the fear of punishment or the expectation of reward, that induces action or motivates effort. | incentives |
| A cost that does not vary depending on production or sales levels, such as rent, property tax, insurance, or interest expense | fixed costs |
| expenses that change in proportion to the activity of a business | variable costs |
| fixed cost + variable costs | total costs |
| an additional unit of output is the cost of the additional inputs needed to produce that output | marginal costs |
