| A | B |
|---|
| Resources | Factors of Production, such as trees, water, soil, minerals, oil, money (capital), tools, knowledge & skills used & combined to create goods & services |
| Consumer/Consumption | Are people who buy goods & products – and use services. |
| Supply | The amount of product available for consumers to buy at any given time. |
| Demand | The amount of goods & services that a consumer will buy at a certain price. |
| Scarcity | All goods & resources are limited, therefore choices must be made. |
| Choice | The selection of an item or action from a set of possible alternatives. |
| Entrepreneur | A person who risks their time & money (capital) to build a business & make a profit. |
| Profit | The difference between what a business must spend to produce & what it takes in (gross = total intake, net = what’s left after all expenses are paid). |
| Incentives | Things that incite or motivate changes in economic behavior. |
| Production | The combination of HUMAN, NATURAl, & CAPITAL resources to make goods & provide services. |
