Duplicate of Economic Terms

Bill Gates, the founder of Microsoft.

If there is a high demand for a product, but low supply what happens to the price?

Many individuals desiring something that has limited availability.

Iron Ore is what factor of production?

To sell products to another country.

The Middle East (Iraq, Iran, Saudi Arabia) specialize in what product?

Giving up what you don't need to get what you do need.

A newspaper owns two huge printing presses. The presses are what type of production resources?

If a company has a large supply of a product, but demand is low what happens to the price?

Rivalry between companies to win more business.

Revenue of a business minus cost-what you make.

How much land, water, minerals, fuel, and wealth a country has.

Person who has the skills and leadership to start a new business and produce new products.

Number of consumers who want and are able to buy an item.

To buy goods from another country.

Buys and uses goods and services.

Producing only a few product instead of many different products.

Farmer is what factor of production?

Talents and skills of human beings.

The resources supplied by nature.

Amount of an item produced for sale.

Human made materials needed to produce goods and services.