20 terms

Supply and Demand

STUDY
PLAY

Terms in this set (...)

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