| A | B |
|---|
| Code of ethics | list of rules |
| diversity | different cultures |
| Philanthrophy | actions that improve human welfare |
| Productivity | amt. of work a worker can produce in a specific amt. of time |
| scarcity | not enough resources to meet needs |
| economic system | system nation developed to turn resources into products |
| economic inputs | resources used to make products |
| economic output | final product |
| Farming | seeds, soil, fertilizer |
| Manufacturing | steel, glass, plastic |
| Natural resources | raw materials |
| Labor | human resources |
| Entrepreneurship | willingness to start a business |
| Infrastructure | transportation systems and utilities necessary for modern economy |
| Ex. of infrastructure | bridges, power plants, postal service |
| Technology | use of tools to improve human life |
| Industrial technology | powered by steam and fuel combustion. |
| Digital technology | used electricity to control data |
| Tradition | acting based on inherited rules |
| command economy | govt. makes all decisions relating to production |
