| A | B |
|---|
| demand | combination of DESIRE, ability and WILLINGNESS to BUY a product |
| Fiat money | money by GOV'T DECREE, no alternative value |
| factors of production | PRODUCTIVE RESOURCES - land, capital, labor and entrepreneurship |
| good | TANGIBLE economic PRODUCT, that is useful, relatively scarce, transferable to others and satisfies wants and needs |
| service | WORK or LABOR performed for someone |
| cooperatives | NON PROFIT - performing some kind of economic activity for the BENEFIT of it's members |
| Trade--offs | ALTERNATIVES that must be given up when one is CHOSEN rather than the other |
| economic system | ORGANIZED way society provides of the WANTS AND NEEDS of its people |
| voluntary exchange | BUYERS AND SELLERS FREELY AND WILLINGLY engaging in market TRANSACTIONS |
| fixed income | INCOME that does NOT INCREASE even though prices go up |
