| A | B |
|---|
| good | tangible item |
| service | work performed for someone |
| land | natural resources |
| labor | efforts and skills of people |
| capital | tools, equipment, factories |
| entrepreneurs | risk takers |
| wants | desires |
| needs | requirement for survival |
| factors of production | resources required to produce things |
| scarcity | not having enough resources |
| opportunity cost | the cost of the next best alternative |
| production possibilities curve | diagram representing various combinations of goods and services |
| trade off | alternative choices |
| factory | example of capital |
| wheat | example of land |
| consumers | people who use goods and services |
