| A | B |
|---|
| Demand | the amount of goods or services a consumer will take at a particular price |
| Supply | he amount of a good or service that is available to purchase |
| Producer | people who make goods or produce services |
| Consumer | people who use a good or service |
| Services | something that someone does for you - When you buy a service, you hire people to perform work. |
| Saving | putting money away in a safe place to be used at a later point |
| Goods | something you use and consume - They are tangible things. |
| Earning | getting money by performing a service or selling a good |
| Borrowing | getting money from another person or institution that will be paid back |
| Wants | something that you would like to have, but it is not necessary and you could do without it (Examples - A video game or skateboard |
| Needs | something you must have for survival - Air, food and water are examples. |
| Specialization | being an expert in one job, product, or service. |
| Scarcity | when there is not enough of something to satisfy how much everyone wants of it |
| Opportunity Cost | what you give up in order to get something else you want |
| Choice | a decision you have to make when you can't have everything you want |
| Incentive | something that makes a person try or work hard or harder |
| Profit | money that’s left after a person or company has paid its bills and expenses |
| Wage | the amount of money a person is paid |
| Entrepreneur | a risk- taking individual in search of profits who does something new with existing resources |
| Competition | the struggle among producers for the dollars of consumers |
| Market Economy | an economic system in which people choose freely what to buy and sell |
| Trade | exchanging goods and services or money. |
| Exchange | trading goods and services with people for other goods and services or money. |
| Risk | the possibility that you might lose money when investing. |
| Economics | the social science that studies how people use scarce resources to satisfy unlimited needs and wants |
