| A | B |
|---|
| Economics | the study of how people deal with scarcity. |
| Scarcity | the condition of people having unlimited wants but living in a world with limited resources. |
| economy | a system of trade |
| Trade | the exchange of things of value. |
| commodity | something of value that can be bought, sold, or traded |
| financial exchange | In economies where people use money to buy and sell commodities |
| producer | someone who makes a commodity available for sale or exchange. |
| consumer | someone who buys or trades in order to receive the commodity. |
| good | an item of value that a person can buy or make and then sell to other people |
| service | something of value that a person can do for other people |
| product-based business | a company that is focused on selling goods |
| service-based business | a company that is focused on selling services |
| market | where people and businesses gather to exchange commodities. |
