E

**economics:** the study of how people and societies use limited resources to satisfy unlimited wants; the management of scarcity and choice

**empire:** a type of state in which the government is controlled by a small ethnic minority; the territory tends to be large; and the population a diverse mix of ethnic groups

**entrepreneur:** someone who brings together the three factors of productions

**entrepreneurship:** the process of bringing together the three factors of productions

**exports:** goods produced within the home state and sent to foreign states to be sold; opposite of imports