| A | B |
|---|
| Capital resources | Goods and money used in the production of goods and services |
| Natural resources | Raw materials supplied by nature |
| Human resources | People using efforts, knowledge, and skills at work to produce goods and services |
| Free enterprise | Economic system which freedom to consume and produce goods and services exists |
| Traditional economy | Economic system in which decisions are based on customs and centered on family |
| 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 |
| Marketplace | Anywhere goods and services exchange hands |
| Tradeoff | Process of giving up something for gaining something else |
| Market economy | Goods and services are owned and controlled by the people |
| Freedom of choice | Opportunity to make choices of goods and services and accept consequences of decisions |
| Command economy | Economics system in which the government owns resources and dictates what is produced |
| Market price | The point where supply and demand are equal |
