Supply and Demand
Terms in this set (20)
The resources supplied by nature. They include ores, trees, land, and the other things nature provides.
The talents and skills of human being that contribute to the production of goods and services.
Human-made materials needed to produce goods and services. Capital goods include buildings, machinery, equipment and tools.
A person who organizes and manages any enterprise, especially a business, usually with considerable initiative and risk.
The maker of goods using productive resources.
One who buys and/or uses goods and services.
The concept of many individuals desiring something of which there is limited availability.
What you give up when you make a decision. The value of your second-best choice.
The amount of an item produced for sale.
The number of consumers who want and are able to buy an item.
Payments received by households, businesses and governments in a given time period that may be spent or saved.
The total revenue received by a business firm minus its total cost of production.
Goods, services and capital assets purchased from other countries.
Goods, services and capital assets sold to other countries.
Making large amounts of goods.
Free enterprise system
People can own and run their own businesses .
The exchange of goods, services and resources between buyers and sellers.
Producing only a few products instead of many different products.
A situation in which each country needs the other to meet the needs and wants of its people.
A competition between companies to win more business.
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