| A | B |
|---|
| Demand | The quantity of a product or service that consumers are willing and able to buy at a particular price |
| Supply | The quantity of a product or service that businesses are willing and able to provide at a partiucalr price |
| Standard of Living | The way you live as measured by the kinds and quality of goods and services you can afford |
| Labor Productivity | refers to the quantity of a good that an average worker can produce in an hour |
| Public Goods | something needed by a community and provided by its government |
| Collective Decision Making | Process of citizens deciding collectively how some of our scarce resources will be used and what will be provided for their common use |
| Profit | The money left from sales after subtracting all the costs of operating the business |
| Profit Motive | The desire to work hard and be creative to earn a higher profit |
