| A | B |
|---|
| Competition | Process of trying to beat others |
| Productivity | Rate of production |
| Scarcity | Insufficient Supply |
| Market Economy | Economy regulated by market forces |
| Traditinal Economy | an economy in which traditions, cutoms and beliefs shape the goods and products society creates |
| Command Economy | Supply and price regulated by the government rather than market forces |
| Mixed Economy | Both the private sector and state direct the economy |
| Goods | Useful and relatively scarce tangible item |
| Services | A service is an intangible commodity |
| Natural Resources | Naturally occurring exploitable materials |
| Human Resources | A set of individuals who make up the workforce of an organization, business sector |
| Capital Goods | The set of individuals who make up the workforce of an organization |
| Entrepreneurship | The Process of identifying and starting a buisness venture |
| Shortages | a deficiency in quantity |
| Specialization | the act of pursuing a particular area |
| Absolute Advantage | The ability of a party to produce more of a good than your competitor with the same resources |
| Comparative Advantage | ablity of a party to produce a good at a lower cost than another |
| supply | quantity available in the market |
| demand | Process of trying to beat others |
| opportunity cost | cost of a choice is the value of the best alternative forgone |
