| 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 to the same customers |
| producers | Individuals and organizations that determine which goods and services will be available for consumption |
| economic decision making | Process of choosing which needs or wants will be satisfied |
| economic resources | Means from which goods and services are produced |
| private property | Right to purchase, use, and discard of things of value |
| 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 |
| economics | Study of the decisions made for production, distribution, and consumption of goods and services to satisfy needs and wants |
| needs | Necessities required for living |
| consumer | Buys and uses the goods and services |
