| A | B |
|---|
| economics | study of people and choices |
| macroeconomics | study of economies of countries and the world and their choices |
| microeconomics | study of individuals including people and companies |
| resources | used to make goods |
| scarcity | unlimited wants and needs but limited resources |
| needs | items required to survive |
| wants | items not required to survive but provides a quality of life |
| opportunity cost | the value of the next best choice or alternative |
| goods | tangible products you can buy |
| services | work performed by others |
| production process | factors of production, producers and consumers |
