| A | B |
|---|
| opportunity cost | alternative given up when a choice is made. |
| global economy | actions taken anywhere in the world which may affect your standard of living. |
| microeconomics | economics related to the individual or single market. |
| macroeconomics | economics related to the entire economy |
| wants | things that we desire |
| utility | satisfaction |
| tangible | able to felt or touched. |
| intangible | not able to be felt or touched. |
| resources | anything used to produce goods/services |
| scarcity | condition in which our wants are greater than the resources to satisfy them. |
| economics | the science of choices people make in trying to satisfy their wants |
| land | all the natural resources found in nature |
| labor | physical and mental talents that contribute to the production of goods/services |
| capital | produced goods that can be used as resources for further production |
| entrepreneurship | searching out and taking advantage of new business opportunities |
| economic system | the way in which a society decides what goods to produce |
| free enterprise | an economic system in which the individuals own the most, not the government |
| socialism | an economic system in which the government owns and controls most of the resources |
| economic plan | a government program specifying economic activities |
| income distribution | the way all the income is divided among different groups |
| mixed economy | an economy that has features of both free enterprise and socialism |
