| A | B |
|---|
| Economics | Study of Choices |
| Choices | Money |
| Choices | Gold |
| Choices | Time |
| Labor | Ability to Work |
| Capital | Money used to produce items |
| Entrepreneurship | Owning your own business |
| Technology | Knowledge to achieve a task |
| Supply | Amount of an item that is produced |
| Demand | Amount of an item, that is produced, that is wanted to by the public |
| Supply goes up | Demand goes down |
| Supply goes down | Demand goes up |
| Opportunity Cost | What someone gives up when making a choice |
| Traditional Economy | Whole family involved in making items |
| Command Economy | Central government decides what is made |
| Market Economy | Owners make decisions about what is made |
| Recession | Slow growth, or negative growth, of an economy |
| Inflation | Money not going as far as it used to |
| Exports | Items being taken out of a country to be sold |
| Imports | Items being brought into a country, to be sold |
| Barter | Item for an item (not including money) |
| Globalization | Free Trade amongst countries |
