Consumers Ed.

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Terms in this set (...)

Capital
Currency or money
Capital Resources
Equipment, machines, and buildings used in production
Human Resources
Effort put forth by humans in the production process
Natural Resources
Gifts of nature used in the production process i.e. sand or water
Partnership
Two or more people owning a business
Entrepreneur
A person who starts a business
Market
A place where people buy and sell
Supply
How much of a product is available
Demand
How much of a product is needed
Goods
Things that satisfy wants and needs
Services
Activities that satisfy wants and needs
Stocks
Certificates representing a share or shares in ownership in a business
Credit
Agreeing to pay later
Wants
Desires satisfied by consuming goods or services
Needs
Requirements that can be satisfied by consuming goods or services
Consumer
People who buy goods and services
Producer
People who make goods and services
Opportunity Cost
What you give up when making a choice
Scarcity
When there is not enough to go around
Specilization
Doing a particular job in the production process
Interdependance
Relying on others during the production process
Export
Product sent out of the country for trade
Import
Product brought into the country for trade