| A | B |
|---|
| economics | Study of how individuals and societies make choices under the condition of scarcity. |
| resources | Things we use to produce goods and services (labor, land, capital). |
| scarcity | Condition that exists when there is an inadequate (not enough) supply of a resource. |
| microeconomics | A branch of economics that studies how individuals, households, and businesses make choices. |
| economic model | A simplified representation, such as a graph, of an economic environment. |
| macroeconomics | A branch of economics that studies the economy as a whole. Assumes individuals are rational and self-interested. |
| natural resources | Appear in nature: wind, solar energy, water are examples. |
| goods | Tangible (touchable) items that are produced. Can be weighed and measured. |
| capital resources | Tools, buildings, and trucks are examples. |
| human resources | Examples are a factory worker, miner, doctor, electrician. |
| entrepreneurial resources | The risk that people are willing to take in order to create a new product/process. |
| services | Activities that you are willing to pay someone else to perform for you. |
