click below
click below
Normal Size Small Size show me how
Entrepreneurship
Vocab
Term | Definition |
---|---|
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). |