Economics

goods made by people and used to produce other goods and resources

When the amount of goods and services cannot meet the demand.

quantity of a good or service that consumers and businesses are willing and able to buy

The study of how to meet unlimited wants with limited resources.

The personnel of a business or organization, especially when regarded as a significant asset

Production, investment, prices, and incomes are determined centrally by a government.

when vendors produce products and services that are different but could satisfy the same need.

Economic system combining private and public enterprise

When businesses develop international influence or start operating on an international scale.

What you give up when you buy an item instead of another

Occurs when two or more businesses offer products or services that are essentially the same

The amount of money needed in order to buy something

The total amount of specific good or service that is available to consumers.

Relies on customs, history and time-honored beliefs

What is achieved when the supply is equal to the demand in the market.

When the supply is way over the demand

materials or substances such as minerals, forests, water, and fertile land that occur in nature

when a business opens facilities in foreign countries to gain more business.

Economic decisions are guided solely by the interactions of a countrys citizens and businesses.