| A | B |
|---|
| Economics | Making choices and satisfying the wants and needs of consumer |
| Scarcity | The condition that exists when wants exceed resources available to satisfy wants |
| Capital Resources | Goods produced and used to make other goods and services. |
| Natural Resources | “Gifts of nature” that are present without human intervention (ex. land) |
| Human Resources | The knowledge, efforts, and skills people bring to their work, also known as labor. |
| Entrepreneurial Resources | The initiative to improve goods and services or create new ones |
| Command economy | Economic system that is run by a central government or authority |
| Market economy | private ownership of the means of production (for example, farms and factories), and supply and demand are responsible for the price and allocation decisions |
| Socialist economy | Characterized by more government ownership and central planning |
| Mixed Economy | A combination of a command and market economy |
| Traditional Economy | The type of economy where people believe in doing things the same as they have always been done in the past |
