| A | B |
|---|
| Import duties | tax collected on goods brought into a country |
| gross domestic product (GDP) | the monetary value of all the finished goods and services produced within a country's borders in a specific time period |
| commodity | something that is bought or sold |
| human resources | group of people that make up the workforce of an organization |
| natural resources | materials and components found within the environment |
| capital resources | tools, machines, factories used in the production of goods |
| opportunity cost | money or other benefits lost when pursuing a course of action |
| services | performance of any work or duties for another |
| supply and demand | an economic theory holding that as consumers want more of something (demand) the higher the price goes causing manufacturers to make more |
| productivity | the rate at which goods and services are made |
| entrepreneur | person who organizes, operates, and assumes the risk for a business venture |
| tax | contribution required for the support of a government |
| scarcity | having seemingly unlimited human wants in a world of limited resources |
| inflation | increase in the general price level of goods and services in an economy over a period of time |
| monopoly | a market containing a single firm that has or is close to total control of a sector |
| currency | something used as a medium of exchange |
| cottage industry | A usually small-scale industry carried on at home by family members using their own equipment |
| imports | goods or services bought from another country |
| exports | goods produced in one country that are sold to another country |
| goods | articles of trade |
