| A | B |
|---|
| Circular Flow | The movement of money, products, and resources between households and businesses. |
| Voluntary Exchange | Businesses work together as a team to provide you with products like bread and peanut butter. Businesses are guided by . . |
| Resource Markets | Where you exchange your labor for money to spend on goods and services. |
| Competition | Rivalry among businesses for the consumer's dollar. |
| Economic Growth | Increased production of goods and services. |
| Medium of Exchange | A function of money which enables people to make exchanges more easily with one another. |
| Model | A simplified representation or map of an economy. |
| Consumers | Those who use goods and services. |
| Property right | Authority to use or trade a good or resource |
| Profit | Money remaining after deducting costs from sales. |
| There would be no competition at all without this . . | Scarcity |
| This pillar of the free enterprise system promotes economics growth. | Entrepreneurship |
| Economics | Study of people producing and exchanging to get the things they want. |
| Services | Items of value that cannot be seen or touched. |
| Free Enterprise | Another name for a market economy. |
| Market | An arrangement that allows people to make exchanges with one another. |
| Opportunity cost | The best alternative one gives up when making a choice. |
| Scarcity | The inability to satisfy all of everybody's wants. |
| Capital Resources | Machinery and tools. |
| Human Resources | Physical and mental labor. |
| Natural Resources | Unaltered resource from the earth. |
| Factors of Production | Human, capital and natural resources |
| Student teacher's name | Mrs. Claxton |
| Price System | Provides signals for what will be produced. |
| Brian Scott is famous for this | Jail house pizza |
| J. Melius doesn't want to advertise his "entrepreneurial" idea. | Pizza and video delivered. |
