| A | B |
|---|
| economics | a social science |
| basic economic decisions | how people in society make the what, how and who decisions |
| entrepreneur | takes business risks in hopes of earning a profit |
| goods | items of value that can be seen and touched |
| opportunity cost | the highest valued alternative one gives up when making a choice |
| scarcity | the inability to satisfy all of everybody's wants |
| services | items of value that cannot be seen or touched |
| market | an arrangement that allows people to make exchanges with one another |
| capital resources | machinery and tools |
| free enterprise | another name for a market economy |
