Vocabulary Please add definitions to the following key terms. Accounting Profits Demand Economic Activity Economic Indicators Economic Profits Economic Resources Economic Utility Equilibrium Price Explicit Costs Goods Implicit Costs Normal Profits Opportunity Costs Specialization of Labor Supply Concepts to Know and Understand What does it mean to have high possession utility? Explain the relationship between marketing and an economy. What is the benefit of understanding a country's economy? Compare and contrast goods and services. List examples of economic resources. Explain limited resources and provide examples. Compare and contrast microeconomics and macroeconomics. Explain supply and demand. What is scarcity? List and explain the five types of economic utility. What is market research? What is marketing? Why is it important for a business to maximize profits? Compare and contrast implicit costs and explicit costs. List and explain the various risks a company faces. List and explain the three classical resources available to companies that are limited resources. List and explain the different types of economies. Compare and contrast Gross Domestic Product and Gross National Product. Economists frequently use the five principles of economics to explain what? What is opportunity cost ? What is a trade off? What is marginal benefit? Explain organized