| A | B |
|---|
| Firms | Economic units that demand productive resources from households and supply goods and services to households and government agencies. |
| Economics | The study of how people, firms and societies choose to allocate scarce resources with alternative ones. |
| Currency | The money in circulation in any country. |
| Money | Anything that is generally accepted as final payment for goods and services. |
| Exchange | Trading a good or service for another good or service, or for money. |
| Services | Activities performed by people, firms or government agencies to satisfy economic wants. |
| Goods | Tangible objects that satisfy economic wants. |
| Scarcity | The condition that exists because human wants exceed the capacity of available resources to satisfy those wants. |
| Standard of Living | The level of subsistence of a nation, social class or individual with reference to the adequacy of necessities and comforts of daily life. |
| Entrepreneurship | A characteristic of people who assume the risk of organizing productive resources to produce goods and services; a resource. |
| Markets | Places, institutions or technological arrangements where or by means of which goods or services are exchanged. |
| air, soil, vacant land | "Gifts of Nature" |
| Abundance | What is the opposite of scarcity? It means having more than enough. |
| Business | Any activity or organization that produces or exchanges goods or services for a profit. |
| Income | Payments earned by households for selling or renting their productive resources. May include salaries, wages, interest and dividends. |
| Alternative | One of many choices or courses of action that might be taken in a given situation. |
| Marginal Benefit | The additional gain from consuming or producing one more unit of a good or service; can be measured in dollars or satisfaction. |
| Marginal Cost | The increase in a producer's total cost when it increases its output by one unit. |
| Problem | In the PACED decision process the P stand s for? |
| Make a Decision | In the PACED decision process what is the final step? |
| Setting the Criteria | In the PACED decision process where do you establish what it is you are trying to accomplish? |
| Recession | A period of temporary economic decline during which trade and industrial activity are reduced, generally identified by a fall in GDP in two successive quarters: |
| Inflation | A general increase in prices and fall in the purchasing value of money: |
| Economic Growth | An increase in the amount of goods and services produced per head of the population over a period of time. |
| Economic Development | The process by which a nation improves the economic, political, and social well-being of its people. |
