Economics -		a line on the graph that represents the amount of goods or services that consumers will buy at different prices
Scarcity -		an economic system in which individuals not the government control the production and distribution of goods and services; also called Capitalism
Goods -		the amount of a good or service that consumers are willing and able to buy at different prices
Service -		a diagram that shows a relationship between two or sets of things
Factors of Production -		the way that a country or culture produces goods and services
Natural Resources -		workers
Labor -		The study of how people businesses and governments choose to use their limited resources
Capital -		an activity performed for others for money such as teaching or selling
Entrepreneur -		The four things needed to produce goods and services: natural resources, labor, capital, entrepreneurs
Opportunity Cost -		an economic system based on a past way of life and culture
Specialization -		Whatever is given up when a choice must be made; a trade-off
Productivity -		not enough of a certain resource to satisfy people’s needs and wants
Technology -		economic law which states that consumers will buy more of a good or service as the price goes down
Economic System -		economic system that includes both private ownership and government control of some services and industries
Traditional System -		something provided by nature such as wood, oil, and coal that can be used to produce goods and services
Market System -		the amount of goods and services produced by a worker or business in a given time period
Consumer -		an economic system in which the government controls the production and distribution of goods and services
Profit -		use of resources to produce only a single good or a few kinds of goods or services
Command System -		a way to measure how well the needs and wants are being met by the country’s economic system
Mixed System -		the money made by business or a person after all the cost have been paid
Standard of Living -		the use of science to create new or better goods and services or efficient method of production
Demand -		capable of being used in the place of one another
Law of Demand -		things that can be seen, touched, bought or sold
Graph -		a person who buys goods and services
Demand Curve -		goods that can take the place of one and another
Income -		human made items such as machines and tools that are used to produce goods and services
Substitute Goods -		the amount of money that a person makes within a certain period of time
Interchangeable -		goods that are used with each other such as cars and tires
Complementary Goods -		a person who comes up with the idea for producing goods and services