| A | B |
|---|
| Good | An item you can see, feel, and touch that requires scarce resources to produce and satisfies human wants. |
| Market | The means by which buyers and sellers carry out exchange. |
| Human Resources | The broad category of human efforts, both physical and mental, used to produce goods and services. |
| Opportunity Cost | The falue of the best alternative passed up for the chosen item or activity. |
| Economics | The studyof how people use their scarce resources to satisfy their unlimited wants. |
| Capital Goods | All human creations used to produce goods and services. |
| Service | Something not physical that requires scarce resources to produce and satisfies human wants. |
| Entrepreneur | A profit-seeker who develops a new product or process and assumes the risk of profit or loss. |
| Natural Resources | So-called 'gifts of nature' used to produce goods and services. |
| Marginal | Incremental, additional, extra, or one more; refers to a change in an economic variable, a change in the status quo. |
