Terms in this set (16)
The science of how stuff is made, moved, and used.
The resources used to make goods and services. (human, natural and capital resources).
The resources supplied by nature. They include ores, trees, land and other things nature provides.
talents and skills of human beings that contribute to the production of goods and services
Human-made materials needed to produce goods and services.
One who buys and/or uses goods and services
Supply & Demand
Supply - The amount of an item or service produced for sale
Demand - The number of consumers who want and are able to buy an item
Something that remains above what is used or needed.
What is left over.
The concept of many individuals desiring something of which there is limited availability. Not enough to go around.
Think day after Thanksgiving Day Sales.
Economic decisions are made by weighing the costs with the benefits. The desired choice is when the benefits of a decision exceed the costs.
What you give up when you make a decision. The value of your second best choice.
services, and capital assets purchased from other countries.
The number of consumers who want & are able to buy an item.
Goods, services, and capital assets sold to other countries
Specialization: Producing only a few products instead of many different products.
Interdependence - (a) A situtation in which each country needs the other to meet the needs and wants of its people.
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