| A | B |
|---|
| Mixed Economy | Combines elements of the command and market economies |
| Entrepreneurial Resources | The initiative to combine natural, human, and capital resources |
| Opportunity Cost | Value of the next-best alternative that is forgone to produce or obtain another product |
| Competitors | Businesses that offer the same goods and services to the same customers |
| Producers | Individuals and organizations that determine which goods and services will be available for consumption |
| Needs | Necessities required for living |
| Services | Activities that can be consumed at the time of purchase to satisfy needs and wants |
| Scarcity | Condition that exists when wants or needs exceed resources available |
| Wants | Goods that are purchased to add comfort or pleasure to your life |
| Economics | Study of the decisions made for production, distribution, and consumption of goods and services |
| Profit | Money left after selling goods and services and cost of operating a business have been paid |
| Command Economy | Economic System in which the government owns resources and dictates what is produced |
| Market Economy | Goods and services are owned and controlled by the people |
| Marketplace | Anywhere goods and services exchange hands |
| Traditional Economy | Economic System which decisions are based on customs and centered around families |
| Human Resources | People using efforts, knowledge, and skills at work to produce goods and services |
| Natural Resources | Raw materials supplied by nature |
| Free Enterprise | Economic System which freedom to consume and produce goods and services exists |
| Private Property | Right to purchase, use, and discard of things of value |
| Market Price | The point where supply and demand are equal |
