| A | B |
|---|
| economics | study of how people make choices about ways to secure resources to fulfill their wants and needs – study of production, distribution and consumption of goods & services |
| Wants | things we would like to have that make our lives more comfortable & enjoyable |
| Needs | requirements for survival such as food, shelter and clothing, people have to have |
| Land | area needed to produce good’s or services |
| Renewable Resources | materials in nature that replenish themselves |
| Nonrenewable Resources | materials in nature that do not replenish themselves |
| Labor | the human effort directed toward producing goods & services |
| Capital | goods used to make other goods – machines, tools, buildings |
| Entrepreneurship | skill of individuals who start new businesses, introduce new products & improve management techniques or ideas of how to organize & run a business |
