| A | B |
|---|
| competition | the struggle between companies for customers |
| monopoly | full control over a product and produces/selling it |
| profit | the money earned in a business after all costs have been paid |
| supply | the amount of goods and services that producers will provide |
| demand | the amount of goods and services that consumers are willing and able to buy |
| surplus | when the supply is more than the demand |
| scarcity | when the demand is more than supply/shoratge |
| trade | exchange of money for goods or services |
| marketplace | where buyers and sellers meet to do business |
| globalization | increase of world trade and interdependence for each others goods |
| human resources | people, workers, their skills and education |
| capital resources | equipment, tools, machines, etc |
| natural resources | land, plants, minerals and animals |
| opportunity cost | making decisions for economic reasons |
| producing | making goods |
| distributing | providng, shipping goods |
| consuming | using goods |
| goods | things made for peoples' needs or wants |
| services | things done for a consumer |
| economy | the study of producing, distributing and consuming goods and serivces |
