| A | B |
|---|
| CAPITAL | HUMAN-MAD THINGS, SUCH AS MACHINES AND TOOLS, THAT ARE USED TO PRODUCE GOODS AND SERVICES |
| ECONOMICS | THE STUDY OF HOW PEOPLE, BUSINESSES, AND GOVERNMENTS CHOOSE TO USE THEIR LIMITED RESOURCES |
| ENTREPRENEURS | PEOPLE WHO COME UP WITH THE IDEAS FOR PRODUCING GOODS AND SERVICES. tHEY ARE WILLING TO TAKE THE RISKS OF GOING INTO BUSINESS. |
| FACTORS OF PRODUCTION | THE FOUR THINGS NEEDED TO PRODUCE GOODS AND SERVICES: NATURAL RESOURCES, LABOR, CAPITAL, AND ENTREPRENEURS |
| GOODS | THINGS THAT CAN BE SEEN, TOUCHED, AND BOUGHT OR SOLD |
| LABOR | WORKERS |
| NATURAL RESOURCES | THINGS PROVIDED BY NATURE, SUCH AS WOOD, OIL, AND COAL, THAT CAN BE USED TO PRODUCE GOODS AND SERVICES |
| OPPORTUNITY COST | WHATEVER IS GIVEN UP WHEN A CHOICE MUST BE MADE;A TRADE-OFF |
| PRODUCTIVITY | THE AMOUNT OF GOODSAND SEVICES PRODUCED BY A WORKER OR BUSINESS IN A GIVEN TIME PERIOD |
| SCARCITY | NOT ENOUGH OF A CERTAIN RESOURCE TO SATISFY PEOPLE'S NEEDS AND WANTS |
| SERVICE | AN ACTIVITY PERFORMED FOR OTHERS FOR MONEY, SUCH AS TEACHING OR SELLING |
| SPECIALIZATION | THE USE OF RESOURCES TO PRODUCE ONLY A SINGLE OR A FEW KINDS OF GOODS OR SERVICES |
| TECHNOLOGY | THE USE OF SCIENCE TO CREATE NEW OR BETTER GOODS AND SERVICES OR MORE EFFICIENT METHODS OF PRODUCTION |
