| A | B |
|---|
| OPPORTUNITY COST | COST OF ANY ACTIVITY MEASURED IN TERMS OF VALUE OF NEXT BEST ALTERNATIVE NOT CHOSEN |
| BUSINESS CYCLE | ECONOMIC CYCLE REFERS TO ECONOMY WIDE FLUCTUATIONS IN PRODUCTION OR ECONOMIC ACTIVITY |
| DEPRESSION | SUSTAINED LONG-TERM DOWNTURN IN ECONOMIC ACTIVITY |
| RECESSION | GENERAL SLOWDOWN IN ECONOMIC ACTIVITY |
| RECOVERY | WHEN SYSTEM BEGINS TO HAVE A SLIGHT UPTURN |
| RESOURCES | materials or other assets that are transformed to produce benefit |
| ENTREPRENEUR | BUSINESS OWNER |
| NATURAL | RESOURCES FROM NATURE SUCH AS TREES ETC |
| CAPITAL | MONEY, BUILDINGS OR MACHINERY ETC FOR BUSINESS |
| HUMAN | WORKERS AND KNOWLEDGE AND EFFORT FOR PRODUCTION |
| HOURS WORKED | UNITS OF TIME WORKED FOR HOURLY WORKERS |
| HOURLY WAGE | AMOUNT OF MONEY PAID PER HOUR |
| GOVERNMENT | FORCE RUNNING A LOCAL, STATE OR FEDERAL GROUP |
| COMPETITION | RIVALRY AMONG SELLERS |
