Terms in this set (40)
Inability to satisfy all wants at the same time, because resources are limited.
Factors used in the production of goods and services.
Selection of an item or action from a set of possible alternatives.
What is given up when making a choice.
Amount of money exchanged for a good or service.
Things that incite or motivate.
Amount of a good or service that producers are willing and able to sell at a certain price.
Amount of a good or service that consumers are willing and able to buy at a certain price.
Place, event, or occasion at which people meet for the purpose of buying and selling merchandise.
Rivalry between producers or sellers of goods or services that results in better quality products at lower prices.
Type of resource found in nature and useful to humans.
Type of resource that includes people and their particular skills and abilities.
Type of resource that includes goods produced and used to make other goods and services, like tools, buildings & equipment.
Ability to organize and manage a business enterprise.
Combining of human, capital, and entrepreneurship resources to make goods or provide services.
Using of goods and services.
Goods & Services
Items or actions provided for exchange (trade) in a market.
When a business (or country) is able to produce goods or services at a lower cost, compared to another producer.
Study of how people use limited resources.
Use of tools to achieve a practical purpose.
Economic system in which there is central government ownership of resources and economic decisions are centrally planned.
Economic system in which economic decisions are made by individuals with little or no government intervention.
Economics system in which individuals and businesses are owners of property and make decisions in the private sector and government is owner and decision maker in public sector.
Economic system in which economic decisions are dictated by custom and historical precedent (the way it's always been done)
Interaction between consumers and producers (plus government and banks) in the market.
Sector of economy in which individuals/households and businesses are owners of property.
Sector of economy which includes those things owned by or provided by the government.
Consumers determine what is produced or available in the market through their purchasing decisions.
Property owned by individuals who buy and sell freely.
Earnings after all expenses have been paid.
Form of business ownership in which there is one (sole) owner who takes all of the risks and keeps the profit.
Form of business ownership in which 2 or more owners share the risk and the profit.
Form of business ownership authorized by law to carry out activities of business regardless of the number of owners; stock owners liability is limited to initial investment.
A certificate showing of a stated number of shares of a corporation.
Private financial institution
possesion, such as property, acquired for the future income or benefit.
Income produced by a business.
Person who takes a risk to produce and sell a product in search of profit.
Introduction of new ideas, methods, or devices.
An establishment where money is stored for saving or is invested and supplied for loans; includes banks, credit unions, and S&Ls.
Something that causes one to act.