| A | B |
|---|
| needs | essential for life |
| wants | things we desire |
| goods | products/things |
| services | performing an act for someone such as car repair |
| economic resources | those things needed to keep the economy going |
| natural resource | trees, oil, water |
| human resource | workers |
| entrepreneur | risk taker |
| capital resource | money or buildings or machinery |
| factors of production | items needed to actually produce something |
| basic economic problem | how to allocate resources to take care of needs best |
| scarcity | a limited supply of something |
| decision making process | defining the problem, coming up with alternative solutions |
| command economy | govt runs major businesses |
| market economy | private business owners |
| profit | money left over after bills and salaries are paid |
| consumer | the customer |
| producer | the maker |
| demand | how much is wanted |
| supply | how much is available |
| market price | where supply and demand meet |
