| A | B |
|---|
| Mixed economy | Combines elements of the command and market economies |
| Entrepreneurial resources | The initiative to combine natural, human and capital resources |
| Opportunity cost | Value of the next best alternative that is forgone to produce or obtain another product |
| Competitors | Businesses that offer the same goods to the same customers |
| Producers | Individuals and organizations that determine which goods and services will be available for consumption |
| Economic resources | Means from which goods and services are produced |
| Private property | Right to purchase, use and discard of things of value |
| Services | Activities that can be 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 living |
| Consumer | Buys and uses the goods and services |
