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Economics

QuestionAnswer
Natural Resources resource supplied by nature
Human Resources talents and skills of human beings
Capital Goods human-made materials that help produce products
Entrepreneur a person who has skill and leadership to start a new business and produce new products
Market the exchange of goods and services between buyers and sellers
Consumer someone who buys and uses goods and services
Scarcity many individuals desiring something that has limited availability
Opportunity Cost the value of the second-best choice given up when a decision is made
producer makes goods using the factors of production
Demand the number of consumers who want and are able to buy an item
Profit revenue of a business minus cost (what you make)
Manufacturing making a large amount of goods
import to buy goods from another country for sale or use
Export to sell products to another country
Income payments received by people that can be spent over a period of time
Free Enterprise System people can own and run their own business
Supply the amount of an item produced for sale
Specialization producing only a few products instead of many different products
Interdependence each country needs the other to meet the needs and wants of its people
Competition competition between companies to win more business
Created by: 212130
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