Terms in this set (45)
The available supply of items to meet needs and wants.
When human, natural, and/or capital resources are combined to make (produce) something people want.
are the quantity and quality of human effort directed toward producing goods and services
capital goods (resources) ...
are goods people produce and use to make other goods and services (ex: machines, buildings, oven, $, hammer)
the study of how individuals and societies make choices about ways to use scarce resources to fulfill their wants
condition of not being able to have all of the goods and services one wants, because wants exceed what can be made from all available resources at any given time.
factors of production
resources of land, labor, capital, and entrepreneurship used to produce goods and services.
natural resources present without human intervention.
includes land, water, fish, animals, forests, mineral deposits, and gifts of nature.
people who do work do the work to produce goods or services.
the amount of output (goods and services) that results from a given level of inputs (land, labor, capital, entrepreneurship).
advance in knowledge leading to new and improved goods and services and better ways of producing them.
what are the 4 factors of production
land, labor, capital, and entrepreneurship
goods are tangible items you can buy
ex. shampoo, bread, computers
activities done for others for a fee.
ex. doctors, hair stylist, painter
things needed to survive
ex. food, clothing, shelter
everything you desire that is not needed for survival
ex. cars, computers, radios
renewable natural resource
can be regenerated in nature.
nonrenewable natural resource
humans can't make them and can't be replenished.
ex: fossil fuel
perpetual natural resource
(always there but not always available)
ex: sun, wind
Where businesses and customers interact with one another
The income earned after all expenses are paid: the goal of most businesses
Code of conduct that helps determine what is good, right, and proper
Strong beliefs that influence a person's, group's, or business's actions
The way of life of a group of people who share traditions, interests, beliefs, and everyday activities
Informal set of rules for how to act in a particular situation
Exchange of a product or service
The exchange of products and services between people and businesses in different countries: occurs because each country has certain resources but lacks other resources
Product or service brought in from another country
Product or service sold to another country
A process in which businesses and people focus on producing one or a few parts of an entire product
When businesses or people rely on each other for certain resources, products, or services
Belief that products should be free to move from country to country without barriers
Rule or law that slows or prevents trading with other nations: can provide advantages for one country and disadvantages for another
A trade barrier that puts a tax on imported products
A trade barrier that puts a limit on the amount of product that can be imported into a country
A trade barrier that is a government action that decreases an industry's total costs, which also decreases the price of the industry's goods
A level of expectation that stops or limits the sale of a product that doesn't meet certain requirements
Balance of trade
The difference between how much a country is buying and selling
A nation's money
The price of one nation's currency in terms of another nation's currency
The use of machinery to make and distribute products
A business that is owned by many investors
A group of corporations that unite in order to reduce competition and control prices in a business or corporation
A company that controls all production and sales of a particular product or service
Organizations that bring workers in the same trade or job together to fight for better wages or working conditions
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