| A | B |
|---|
| Needs | Things you must have in order to survive. |
| Goods | Physical products (Skates, groceries, and telephones). |
| Services | Tasks that businesses perform for consumers. |
| Resources | Items that people can use to make or obtain what they need or want. |
| Wants | Things that you do not have to survive, but would like to have. |
| Profit | The money left over after a business has paid the cost of providing its goods and services. |
| Competition | The contest between businesses to win customers. |
| Market Research | The act of gathering and analyzing information about the wants, needs, and preferences of consumers in a certain market. |
| Consumer | A person who uses goods or services. |
| Business | Any commercial activity that seeks profit by providing goods and services to other in exchange for money. |
| Scarcity | A lack of resources |
| Mixed Economy | An economy that contains both public and private enterprises. |
| Natural Resources | Raw materials from nature that are used to produce goods. |
| Labor Resources | People who make the goods and services for which they are paid. |
| Capital Resources | The things used to produce goods and services such as buildings, materials, and equipment. |
| Entrepreneurial Resources | Used by the people who recognize opportunities and start a business. |
| Entrepreneurship | The process of recognizing a business opportunity, testing in the market, and gathering the resources necessary to start and run a business. |
| Entrepreneur | Individual who undertakes the creation, organization, and ownership of a business. |
| Economics | The study of how individuals and groups of individuals and group of individuals strive to satisfy their needs and wants by making choices. |
| Economic Systems | The methods societies use to distribute resources. |
| Market Economy | An economic system in which economic decisions are made in the market place. |
| Price | The amount of money given or asked for when goods and services are bought or sold. |
| Supply | Amount of goods and services that producers will provide at various prices |
| Demand | The amount or quantity of goods and services that consumers are willing to buy at various prices. |
| Equilibrium Price | The point at which the quantity demanded and the quantity supplied meet. |
| Command Economy | An economic system in which a central authority makes the key economic decisions |
| Factors of production | All the economic resources necessary to produce a society’s goods and services. |
| Gross Domestic Product | The total value of the goods and services produced in a country in a given year. |
| Standard of Living | The level of material comfort as measured by the goods and services that are available. |
| Inflation | A general increase in the price of goods and services. |
| Deflation | A general decrease in the price of goods and services. |
| Budget Deficit | When government spends more on programs than it collects in taxes, the difference in the amount. |
| Recovery | A rise is business activity after a recession or depression. |
| Business Cycle | The rise and fall of economic activity over time. |
| Prosperity | A peak of economic activity. |
| Recession | Economic activity slows down. |
| Depression | A deep recession that affects the entire economy and last for several years. |
| National Debt | The total amount of money a government owes. |
