| A | B |
|---|
| Goods | Objects that satisfy people's wants and needs. |
| Services | Activities that satisfy people's wants and needs. |
| Wants | Desires that can be satisfied by consuming a good or service. |
| Needs | Things that you have to have that can be satisfied by consuming goods r services. |
| Economics | The study of how people use resources to satisfy their wants and needs for goods and services, including production and distribution. |
| Scarcity | Not having enough to go around. |
| Opportunity Cost | When you choose between two things, the one you give up. |
| Natural Resources | Gifts of nature, soil,air,water,plants, animals, and minerals. |
| Human Capital | Effort put towards producing a good or service(also called labor). |
| Capital Equipment | Goods made by people and used to produce other goods or services. |
| Consumption | People using goods and services. |
| Production | Making a product or providing a service. |
| Distribution | People transporting goods or services. |
| Money | Anything commonly used as a medium of exchange. |
| Profit | The amount of money left over after the costs of running a business have been paid. |
| Supply | How much is available. |
| Demand | How much is needed |
| Investment | Spending money to improve your business. |
| Corporation | A group of people who own shares or stock in a business. |
| Individual Ownership | One person who owns a business. |
| Partnership | Two or more people who share the ownershp of a business. |
| Entrepreneur | People who start new businesses. |
| Price | The amount of money for which something is sold or offered for sale. |
