| A | B |
|---|
| Market Economy | Type of economy where people control the economy by owning their own business |
| Command Economy | Type of economy where the government or a dictator control all aspects of an economy |
| Traditional Economy | Type of economy where goods are exchanged for other goods. No currency exchanged. |
| Natural Resources | Materials/resources from nature. |
| Human Capital | People (workers)/ labor force |
| Capital | "Man-made" materials/ resources Ex. computers, factories, equipment |
| Entrepreneur | Person who takes the risk to start their own business |
| scarcity | when materials are rare. |
