| A | B |
|---|
| Scarcity | A shortage of resources |
| Factors of Production | The means to produce goods and services |
| Natural Resources | Raw materials found in nature |
| Renewable Resource | Cattle or Wheat are a type of this |
| Nonrenewable Resources | Oil or Coal are a type of this |
| Human Resources | The knowledge, efforts, and skills people bring to their work |
| Labor | Can be skilled or unskilled |
| Capital Resources | The things used to produce goods and services, like buildings, materials. |
| Entrepreneurial Resources | Meeting the Changing Wants and Needs of people |
| Economics | Studies how society chooses to use resources to produce and distribute goods and services for people's consumption |
| Market Economy | Economic decisions are made in the marketyplace according the laws of supply and demand |
| Price | The amount of money given or asked for when goods or services are bought or sold |
| Demand | The amount or quantity of goods and services that consumers are willing to buy at various prices |
| Supply | The amount of goods and services that producers will provide at various prices |
| Equilibrium Price | When the quantity demanded and the price quantity supplied meet |
| Command Economy | A central authority makes the key economic decisions |
| Custom Based Economy | Goods are produced the way they have alwys been produced. |
