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how much of an item there is supply
how many people want to buy something demand
when there isn't enough of something to go around low supply
when lots of people want to buy the same thing high demand
study of how people decide to use resources to meet their needs by making, distributing, and using goods and services economics
things or objects that people make or grow and use goods
jobs or activities that people do to help other people services
jobs that do not make things but work to help other people service jobs
the way that goods and services are made by using the productive resources production
natural resources, human resources, and capital goods productive resources
resources provided by nature; used to create goods and services natural resources
include all the human labor (workers, employees) that is required to produce something human resources
goods that are made not to consume but to make other goods and services capital resources
money left after all expenses are paid profit
people who bring together and organize all the productive resources entrepreneur
what you give up by choosing one good, service, or item over another trade off
examples of ____: water, minerals, lumber, air, iron ore natural resources
example of ____: all the planning, studying, training and work required to produce the good/service human resources
examples of ____: machines & tools capital resources
another name for "capital resources" goods
examples: a person who comes up with a new idea and takes a risk to produce it and/or an owner of a business who risks their money to make a profit entrepeneur
when all places do no have equal amounts of the same resources unequal distribution of resources
concentrating on producing some goods and services specialization
a country or region will make more specific type goods based on the ____ ____ it has available productive resources
goods and services sold from one country to other countries exports
goods from foreign countries brought into a country for use or sale imports
depending on others for some needs interdependence
some people/countries can make things better than others which is an example of ____ specialization
owners and workers are called ____ producers
thing that are made and sold are called ____ products
people who buy and use products consumers
making something (products) production
selling, trading, or giving something away distribution
using the product that was made consumption
economic system that is managed by the state or govt. planned economy
economic system that is managed by private individuals market economy
economic system that is a mix of a planned and a market economy mixed economy
another name for a "planned economy" communism
another name for a "mixed economy" socialism
another name for a "market/free economy" capitalism
Created by: gilbertboys