| A | B |
|---|
| Capital Resources | Products and money used to convert natural resources into products; includes tools, money and buildings |
| Competition | Rivalry among similar businesses to sell goods and services |
| Consumer | Person or organization who buys and uses goods and services; determines demand |
| Demand | Quantity of a good or service that consumers are willing and able to buy |
| Entrepreneur | Risk taker who uses resources in an entirely new way to create a new product or service |
| Goods | Things you can see and touch |
| Market Price | Point where supply and demand are equal |
| Needs | Things that are required to live |
| Opportunity Cost | The value of the next-best alternative that you did not choose |
| Producer | Person or organization who makes goods and performs services; determines supply |
| Profit | Money left from sales after all expenses are paid |
| Services | Activities that are consumed at the same time they are produced |
| Scarcity | Not having enough resources to satisfy every need - cause of the basic economic problem |
| Supply | Quantity of a good or service that consumers are willing and able to produce |
| Wants | Things that add comfort and pleasure to your life |
