| A | B |
|---|
| entrepreneur | risk taker who uses resources in a new way to create a new product or service |
| wants | things that add comfort and pleasure to your life |
| scarcity | means not having enough resources to satisfy every need |
| opportunity cost | when you make an economic choice, the value of the next best alternative that you did not choose |
| Gross Domestic Product | the most widely used measure of a nation's economic growth |
| business cycle | the movement of the economy from one condition to another and back again |
| recession | a period in the business cycle when demand begins to decrese, business lower production, and GDP growth slows for two or more quarters for the calendar year |
| recovery | the phase in which unemployment begins to decrease, demand for goods and services increases, and GDP begins to rise again |
| infrastructure | a nation's transportation, communication, and utility systems |
| exchange | the value of a currency in one country compared with the value in another |
| imports | items bought from other countries |
| interest | the cost of using someone else's money |
| conservation | saving scarce natural resources |
| public utility | an organization that supplies a service or product vital to all people |
| pollution | when the by-products of human actions taint the environment |
| trademark | a word, letter, or symbol linked with a specific company or product |
| balance sheet | a record of assets and liabilities at a point in time |
| outflows | amounts spent for food, clothing, transportation, and other living costs |
| equity | net worth is sometimes called this |
| outstanding checks | checks that have not yet been deducted from your bank statement |
