Entrepreneurship - Chapter Two Vocab.

Disadvantages of producing one additional unit of a good or service.

The desire for non-material things

Things that you must have in order to survive

Point at which the supply and demand curves meet

Things that you think you must have in order to be satisfied

Assets used in the production of goods and services

Difference between the revenues earned by a business and the costs of operating the business

The quantity of a good or service that customers are willing to pay at a given price.

Costs that go up and down depending on the quantity of the good or service produced.

Advantages of producing one additional unit of a good or service.

Costs that must be paid regardless of how much of a good or service is produced.

The quantity of a good/service a producer is willing to produce at different prices

The means through which goods and services are produced

Peoples needs/wants are unlimited and the resources to produce the goods/services are limited

Raw materials supplied by nature

The private ownership of resources by individuals rather than by the government

Process of choosing which needs and wants you will satisfy using the resources you have