| A | B |
|---|
| Exchange | The economic process of trading one good/service for another. |
| Factors of production | Productive resources; human and natural resources and capital goods. |
| Human resources | People who work to produce goods and services. |
| Industrial products | Products purchased by producers for resale, to make other goods and services, and/or to use in business operations. |
| Inelastic demand | A form of demand in which changes in price do not affect demand. |
| Law of demand | Economic principle which states that the quantity of a good or service that people will buy varies inversely with the price of the good or service. |
| Law of supply | Economic principle which states that the quantity of a good or service that will be offered for sale varies in direct relation to its price. |
| Law of supply and demand | Economic principle which states that the supply of a good or service will increase when demand is great and decrease when demand is low. |
| Natural resources | Items found in nature that are used to produce goods and services. |
| Need | Something required or essential that is lacking. |
| Noneconomic want | Desires for things that can be obtained without spending money. |
| Production | The economic process or activity of producing goods and services. |
| Scarcity | A condition resulting from the gap between limited resources and unlimited wants for goods and services. |
| Supply | The quantity of a good or service that sellers are able and willing to offer for sale at a specified price in a given time period. |
| Trade-off | Giving up all or a part of one thing in order to get something else. |
| Want | A desire for something that is not required. |
