| A | B |
|---|
| Factors of Production | The economic resources necessary to produce a society's goods and services |
| Command Economy | Economic system in which a central authority makes the key economic systems |
| Labor Resources | People who make the goods and services for which they are paid |
| Capital Resources | The things used to produce goods and services such as buildings, materials and equipment |
| Entrepreneurial Resources | used by people who recognize opportunities and start businesses |
| Prosperity | Period of the business cycle when economic activity is at it's peak. |
| Recovery | Phase of the business cycle when the economy begins to recover from a recession or depression |
| Economics | Study of how individuals and groups strive to satisfy their needs and wants by making choices |
| Recession | Phase of the business cycle when economic activity slows down. |
| Market Economy | Economic system where decisions are made in the marketplace |
| Depression | A deep recession lasting for several years. |
| Scarcity | Limited resources for satisfying unlimited wants and needs |
| Entrepreneur | Individual who undertakes the creation, organization and ownership of a business |
| Entrepreneurship | Process of recognizing a business opportunity, testing it, and gathering resources to start a business. |
| Natural Resources | Raw materials from nature used to produce goods. |
| Mixed Economy | Economy that contains both private and public enterprises |
