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Entrepreneurship

Vocab

TermDefinition
Trade The exchange of something of value.
Specialization The concentration of production on fewer kinds of goods and services than are consumed.
Interdependance Reliance on others to satisfy wants.
Production The act of combining natural resources, human resources, capital goods, and entrepreneurship to make goods and services.
Consumption The purchase or use of goods and services.
Goods Objects that are capable of satisfying people's wants.
Services Actions that are capable of satisfying people's wants.
Market The interaction of buyers and sellers exchanging goods services.
Market Clearing Price for Goods The one price at which quantity supplied equals quantity demanded (also referred to as the equilibrium price).
Created by: PrinceB
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