| A | B |
|---|
| resources | The things used in making goods and providing services |
| supply | The amount of each good and service available to customers |
| demand | the amount of goods and services that consumers are willing to buy |
| consumers | The people who buy and use products |
| capital | The money needed to produce goods and services |
| capital goods | The building, machines, and tools used to make goods and services |
| division of labor | When each worker/group does one kind of job |
| entrepreneurs | People who risk their money, time, and energy to start a new business |
| marketing | Getting goods to the consumers |
| good | Any item that can be bought or sold |
| service | Any action that one person or group does for another in exchange for payment |
| choice | Selection of an item or action from a group of possibilities |
| consumption | Purchase of goods and services based on consumer preferences |
| price | The amount of money exchanged for a good or service |
| scarcity | Inability to satisfy all wants at the same time; not enough resources; goods are limited |
| economics | The study of how we produce and distribute our wealth |
