| A | B |
|---|
| Competitors | Businesses that offer the same goods to the same customers |
| Services | Activities that are consumed at the time of purchase to satisfy needs and wants |
| Scarcity | Condition that exists when wants or needs exceed resources available |
| Economics | Study of the decisions made for production, distribution, and consumption of goods and services to satisfy needs and wants |
| Needs | Necessities required for life |
| Consumer | Buys and uses the goods and services |
| Natural Resources | Raw materials supplied by nature |
| Free enterprise | Economic system which freedom to consume and produce goods and services exists |
| Goods | Items purchased to satisfy needs and wants |
| Profit | Money left after selling goods and services and costs of operating a business have been paid |
| Wants | Goods that are purchased to add comfort or pleasure to life |
| Market price | The point where supply and demand are equal |
| Gross Domestic Product | The total value of all final goods and services produced in a country in one year (GDP) |
| Corporation | a separate legal entitiy formed by documents filed with your state. Owned by one or more shareholders and managed by a board of directors |
| Ethics | the principles of conduct governing an individual or a group |
| Human Resources | he people who work for a business |
| Contract | An agreement to exchange goods or services for something of value, usually money. |
| Price | the money a customer must pay for a product or service |
