| A | B |
|---|
| Capital | Tools, equipment, and buildings used in producing goods and services. |
| Command Economy/Planned | An economy in which the resources are owned and controlled by the government. |
| Competition | The rivalry among businesses to sell their goods and services to buyers. |
| Demand | The quantity of a product or service that consumers are willing and able to buy at a particular price. |
| Economic Resources | Land, labor & capital. The means by which goods and services are produced. |
| Economic Systems | A nation's plan for answering key economic questions: what, how and for whom to produce.The way a nation uses its resources to satisfy its people's needs and wants. |
| Equilibrium | The point where the supply at a certain price and the demand at that same price meet. |
| Goods | Things that satisfy human wants through their consumption or use. |
| Human Resources | People and their talents and skills. |
| Market Economy | An economy in which individuals are free to engage in business transactions with buyers who are willing and able to buy and sellers who supply goods and services to earn a profit. |
| Mixed Economy | A system which combines characteristics and traits from different economies. |
| Natural Resources | Raw materials supplied by nature |
| Needs | Things that are necessary for survival, such as food, clothing, and shelter |
| Opportunity Cost | The value of any alternative that you give up when you buy something else or make another choice. |
| Price | What customers pay and the method of payment. |
| Scarcity | The problem which faces individuals, businesses, and governments of satisfying unlimited wants with limited resources. |
| Services | Things that satisfy our wants through the efforts of other people or equipment. |
| Supply | The quantity of a product or service that businesses are willing and able to provide at a particular price. |
| Traditional Economy/Custom Based | An economy in which goods are produced the way they always have been produced. |
| Wants | Things that are not necessary for survival but that add comfort and pleasure to our lives. |
