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basic economic Terms
the willingness and ability of a producer to produce and sell a product
the desire to have some good or service and the ability to pay for it.
the financial gain a seller makes from a business transaction; the money left over after the costs of producing a product are subtracted from the income gained by selling the product.
all the human time, effort and talent used to produce goods and services
...The collective wealth of a country or its means of producing wealth.
the value of something that is given up when choosing one alternative over another...
the alternative someone gives up when making an economic choice...
the effort of two or more people acting independently to get business by offering the best deal....
a situation that exists when there are not enough resources to meet human wants....
...shares of ownership in a corporation
the possibility for loss on an investment...
risk taking individual in search of profits; one of the four factors of production.
a business owned and controlled by one person...
a business owned by shareholders, also called stockholders, who own the rights to the company's profits but face only limited liability for the company's debts and losses....
a business co-owned by two or more people or partners who agree on how responsibilities, profits, and losses should be divided....
another name for capitalism, an economic system based on private ownership of productive resources....
physical objects, such as food, clothing, and furniture, that can be purchased....
work that one person does for another for payment...
things such as food, clothing, and shelter that are necessary for survival....
desires that can be satisfied by consuming a good or service....