| A | B |
|---|
| economics | The study of how to meet the unlimited wants of a society with its limited resources. |
| resources | All things used in producing goods and services. |
| land | Includes everything contained in the earth or found in the sea. |
| labor | All the people who work in the economy, including full and part-time workers, managers, public employees, and professional people. |
| capital | The money needed to start and operate a business. |
| scarcity | A condition in which more goods and services are desired than are available. |
| economic good | A tangible item. |
| economic service | Intangible |
| entrepreneurship | Skills of people who are willing to take the risk of starting their own business. |
| utility | Economic term referring to the added value or "usefulness" of a product. |
| form utility | Value added by changing raw materials or putting parts together to make them more useful. |
| place utility | Value added by having a product where customers can buy it. |
| time utility | Value added by having a product at a certain time of year or a convenient time of day. |
| possession utility | Value added by exchanging a product for some monetary value. |
| information utility | Value added by communicating with the consumer. |
