| A | B |
|---|
| Economics | Study of how to meet unlimited wants and needs of a society with its limited resources. |
| Scarcity | Condition in which more goods and services are desired than are available. |
| Surplus | Condition where consumers desire less goods and services than were produced, also referred to as an overage. |
| Economic Resources | Includes land, labor, and capital resources which can be used to produce the goods and services that people consume. This is also known as the factors of production. |
| Capital | Money needed to start and operate a business or the products used in the production of other goods. |
| Entrepreneurship | Incorporates the skills of people who are willing to take the risk of starting their own business. |
| Utility | Refers to the added value or usefulness of a product. |
| Form utility | Value added by changing raw materials or putting parts together to make them more useful. |
| Place utility | Value added by having a product where customers can buy it. |
| Time utility | Value added by having a product at a certain time of year or a convenient time of day. |
| Possession utility | Value added by exchanging a product for monetary value. |
| Information utility | Value added by communicating with the customer. |
