| A | B |
|---|
| scarcity | When there are not enough products and services to meet the need. Prices go up. |
| supply and demand | High demand=higher prices High supply=low prices |
| limited government | The people determine how much power the government has through elections. EX: USA |
| unlimited government | Government has total control and the people have no say in the affairs of the government. EX: Dictatorship/communism/apartheid |
| textiles | Cloth products EX: fabric,clothes |
| natural resources | Useful materials found in the environment |
| republic | Special type of representative democracy |
| factors of production | 1.Natural resources 2.Labor 3. Capital 4.Entrepreneures |
| renewable resources | A natural resource that the environment continues to supply or replace as it is used. EX: trees, water, wind |
| non renewable resources | A resource that cannot be replaced after it is used. EX: fossil fuels, coal, oil, minerals |
| literacy | The ability to read and write. |
| life expectancy | The number of years a person may be expected to live on an average. |
