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CE 11 Unit
Terms in this set (12)
the inability to satisfy all at the same time because all goods and services are limited.
What is given up when a choice is made
the combining of human, natural, capital, and entrepreneurship resources to make goods or provide services. Resources available and consumer preferences determine what is produced.
The using of goods and services. Consumer preferences and price determine what is purchased and consumed.
Factors of production that are used in the production of goods and services.
things used to produce goods and services
people who make goods and provide services
Resources that come from nature
willing to take risks in order to make a profit
Items purchased to satisfy needs and wants
work done for money
Selecting an item or action from a set of possible alternatives
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