| A | B |
|---|
| Economics | study of meeting unlimited wants and needs with limited resources |
| Resources | used in producing products |
| Land | natural resources |
| Labor | employees/workers |
| Capital | money or equipment to operate a business |
| Scarcity | more desired than is available |
| Entrepreneurship | Business owner |
| Utility | usefulness |
| Form Utility | Changing raw materials |
| Place Utility | Available where needed |
| Time Utility | Available when needed |
| Possession Utility | Making ways to pay for it |
| Information Utility | Useful information about it |
| Market Economy | Little government involvement |
| Command Economy | Government involvement |
| Traditional Economy | The way things are always done |
| Mixed economies | Blended economies |
| Capitalism | Elected government officials |
| Socialism | Reduced gap between rich and poor |
| Communism | Run by a political party |
| Supply | Goods producers are willing to produce |
| Demand | Consumer's willingness and able to buy |
| Elasticity | degree to which demand for a product is affected by a change in price |
| Elastic Demand | Change in price affects demand |
| Inelastic Demand | Change in price doesn't affect demand |
| Business Cycle | Movement of an economy |
| Prosperity | Increased attendance and purchases |
| Recession | Decreased attendance and purchases |
| Depression | Lowest poing of attendance |
| Recovery | Gradual growth of spending on leisure activity |
