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economics

TermDefinition
Natural Resources Resources 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: 112607
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