1.

Scarcity: Limited resources, unlimited wants, necessitating choices and trade-

offs.
2. Factors of Production: Inputs used in production: land, labor, capital,
entrepreneurship.
3. Natural Resources: Earth's gifts used in production, like land, water, minerals.
4. Human Resources: People's skills, knowledge, and abilities used in production.
5. Capital Resources: Man-made goods used to produce other goods and services.
6. Entrepreneurial Resources: Innovative ideas, risk-taking, organizing skills in
production processes.
7. Economics: Study of how society allocates resources to satisfy needs.
8. Market Economy: Economic system where decisions made by supply and demand.
9. Demand: Desire and ability to buy a product or service.
10. Supply: Quantity of a good or service producers are willing to provide.
11. Equilibrium Price: Price where demand equals supply, market clears efficiently.
12. Command Economy: Economic system where central authority allocates resources.
13. Mixed Economy: Blend of market forces and government intervention in
allocation.

1. Internal and external factors shaping decisions, attitudes, and behaviors.

2. Internal: Personal beliefs, emotions, experiences. External: Culture, society,
peers.
3. Dividing market into distinct groups based on characteristics, needs.
4. Quantifying and understanding the potential market for a product.
5. Plans to reach and persuade target audiences effectively.
6. Focusing marketing efforts on a specific, specialized segment.
7. Reaching large, diverse audiences with uniform messaging and products.
8. Collection of products or brands managed for strategic marketing.
9. Balancing product, price, promotion, and place for marketing success.
10. Price: Value assigned to a product or service offering.
11. Place: Channels used to make products available to customers.
12. Promotion: Communication tactics to raise awareness and interest.
13. Product: Offerings designed to satisfy customer needs and wants.

Supplier: Provides goods or services to a business entity.

Creditors: Entities to whom a company owes money or obligations.
Competitor: Rival entities in the same industry or market segment.
Community: Collective of individuals sharing common interests or geographic
location.