| A | B |
|---|
| Scarcity | Not enough resources relative to demand |
| Thomas Malthus | Doomsday Economist |
| Economics | The study of making choices |
| Resources | Factors of production |
| Land | Everything found in nature |
| Labor | Human input to production |
| Capital | Man-made inputs to production |
| Monetary Capital | represents value |
| Real Capital | Has actual value |
| Production | Creation of utility |
| Utility | Usefulness |
| Demand | Willingness and ability to give up something of value in exchange for something of value |
