2. 1. absolute advantage 2. capital 3. command economy

3. 4. comparative advantage 5. consumer goods 6. consumer sovereignty

4. 7. economic growth 8. economic problem 9. Investment

5. 10. Productive resources: 11. natural resources 12. capital resource

6. 13. human resource 14. human capital

7. 15. Scarcity 16. choice 17. costs and benefits

8. 18. opportunity cost 19. marginal (added) cost 20. trade-offs

9. 21. laissez-faire economy 22. opportunity cost

10. 23. Market 24. Outputs

11. 25. Price 26. Production

12. 27. resources or inputs 28. three basic questions

13. 29. producers 30. consumers

14. 31. buyers 32. sellers

15. 33. production 34. distribution

16. 35. consumption 36. channels of distribution 37. marketing

17. 38. labor unions 39. labor contract

18. 40. negotiation 41. open/closed shop

19. 42. slow down 43. strike

20. 44. right to strike laws 45. “right to work” laws

21. 46. lockout 47. injunction 48. scab

22. 49. supply curve 50. demand curve

23. 49. equilibrium price 50. Elastic

24. 49. inelastic 50. Substitutes

25. 49. complements 50. Shortage 51. surplus

26. 58. price of the product 59. price of inputs 60. competition

27. 58. price of related (complementary or substitute) products 59. technological change

28. 58. consumer tastes 59. Preferences

29. 58. income levels 59. Factors of production (i.e., land, labor, capital, and entrepreneurship)

30. 58. Incentive 59. Profit

31. 58. risk 59. Price

32. 58. relative price 59. capital investment

33. 58. supply and demand 59. consumption vs. saving