| A | B |
|---|
| Scarcity | Shortage of Resources |
| Factors of Production | The means to produce goods and services |
| Natural Resources | Raw materials found in nature |
| Human Resources | Knowledge,Efforts,and Skills people bring to their work |
| Capital Resources | Things used to produce goods and services |
| Entrepreneurial Resources | To meet the changing wants and needs of people requires |
| Economics | Studies how society chooses to use resources to produce and distribute goods and services for people's consumption |
| Market Economy | Economic decisions are made in the market place according to the laws of supply and demand |
| Demand | is the amount or quantity of goods and services that consumers are willing to buy at various prices |
| Supply | is the amount of goods and services that producers will provide at various prices |
| Equilibrium Price | when the quantity demanded and the quantity supplied meet |
| Command Economy | a central authority makes the key economic decisions |
| Mixed Economy | a combination of a market and command economy |
