| A | B |
|---|
| Wants | Ó to feel a desire for; wish for.Ó |
| Needs | Òa requirement |
| Consumer | ÒA person who buys and uses goods and services |
| Scarcity | Òinsufficiency or shortness of supplyÓ |
| Surplus | Òan amount |
| Opportunity Cost | Òthe benefit that could have been gained from an alternative use of the same resource.Ó |
| Entrepreneur | Ó a person who organizes and manages any enterprise |
| Sole Proprietor | Ó business entity that is owned and run by one individual.Ó |
| Partnership | Ó a contract between individuals who |
| Corporation | Òa separate legal entity that has privileges and liabilities that are distinct from those of its members. An important feature is limited liability.Ó |
