| A | B |
|---|
| making large amounts of goods in factories | manufacturing |
| The 4 things needed to produce goods: land, labor, capital, & entrepreneurship | factors of production |
| An economic term for all the natural resources that are part of the land or Earth; one of the 4 factors of production | land |
| An economic term for workers, one of the 4 factors of production | labor |
| the money & other things used to produce goods | capital |
| The skill & leadership used by people to start businesses & to produce new products; one of the 4 factors of production | entrepreneurship |
| A person who has the skill and leadership to start a new business & to produce new products | entrepreneur |
| A home-based business | Cottage Industry |
| All businesses that make one kind of goods or provide one kind of service | industry |
| A business that grinds corn into meal and wheat into flour | gristmill |
| Something found in the environment that people can use, another word for land | natural resources |
| An economic term for workers. Another word for labor. | human resources |
| to focus on one area or activity | specialization |
| A business where someone does something for you | service |
| What you give up in order to get something else | opportunity cost |
