| A | B |
|---|
| barter | trading goods without the use of money |
| wealth | the value of the things owned |
| consumer | a person who uses goods or services |
| land | the surface of the earth |
| inflation | a dramatic increase in the amount of money in circulation accompanied by sharply rising cost of goods and services |
| goods | products manufactured for use by consumers |
| wants | things consumers desire |
| efficiency | the effectiveness of production in relation to the cost of production |
| raw materials | natural resources from which goods can be made |
| deficit | having more expenses than revenue |
| dependent | one who relies on another for support |
| value | the worth of something |
| economic system | people working together and deciding how to use valuable resources |
| surplus | the amount left after all demands are satisfied |
| entrepreneur | a person who brings together labor and capital to produce a product for profit |
| full employment | when everyone who wants to work has a job |
| credit | money placed at a person's disposal by a lender |
| factors of production | all the things that combine to satisfy economic needs: land, labor, capital, management, and government |
| real property | buildings and land |
| income | the money received for the sale of goods and services |
| poverty | extreme lack of money and possessions |
| prosperity | economic well-being |
| deflation | a drop in prices that occurs when demand for goods is less than the supply |
| loss | when the cost of producing an item is greater than the selling price |
| capital | money and goods used to develop, expand, or purchase in business |
