Upgrade to remove ads
Only $35.99/year

economics

Terms in this set (18)

labor
human resources workers
consumer
one who buys or uses goods or services
profit
revenue of a company minus the expenses
copyright
the sole legal right to sell goods, services or artistic work
capital
machinery, equipment and money for production
advertising
to announce or ask people people to buy or use a product
producer
one who makes goods using the factors of production
interdependence
countries needing each other to meet wants and needs
competition
contest between companies to win more business
export
goods and services sold to other countries
import
goods and services brought into a country from other countries
supply
amount of an item produced for sale
land
all natural resources
entrepreneur
a person who begins their own business
opportunity cost
what you give up when you make a decision
scarcity
limited availability
income
money received that can be either saved or spent
work
the use of mental or physical effort to produce a good or service
Students also viewed