| A | B |
|---|
| Economics | The study of how society and people makie choices and satisfying the wants and needs of consumers. |
| Command Economy | Economic system that is run by a central government or authority. |
| Market Economy | Individuals decide what, how and for whom goods and services are produced. |
| Socialist Economy | MORE government ownership and central planning. |
| Mixed Economy | A combination of a command and market economy. |
| Traditional Economy | The type of economy where people believe in doing things the same as they have always been done in the past. |
| Natural Resources | "Gifts" of nature that are present without human intervention. |
| Human Resources | The knowledge, efforts, and skills people bring to their work, known as labor. |
| Capital Resources | Goods produced and used to make other goods and services. |
| Scarcity | The condition that exists when wants exceed resources available to satisfy wants. |
| Entrepreneural Resources | The initiative to improve goods and services or create new ones. |
