Foundations of Wealth

When you focus on doing one task, and over time you get a lot more skilled at that job/task

Land, Labor, Capital and Entrepreneurship, the 4 things used to make any product

The study of how people make decisions when faced with the fact that all resources are limited

Anything that can be exchanged for goods and services, can store value and measure value

An economy where individuals are living hand to mouth, growing enough calories to stay alive

When the supply of something increases....

idea of splitting up production into the different steps it takes to make the product

Anything that "encourages" someone to engage in an economic activity

Identify this...

The idea that resources are limited, even though humans have unlimited wants

A type of economy where you exchange and trade goods without the use of money

What is the point called where supply and demand meet NOT CALLED?

To be defined as Money, it must have 3 characteristics..which one is NOT a characteristic

When you are able to increase your productivity and produce more in less time or for less money

Idea of splitting up production of different things; one family produce cows and others sheep

When you are able to make more than you need, the key for a society to gain wealth

Utility is an economic term that demonstrates

Any tool, machine that is used to produce other needs or wants for a society

type of economy where the decisions on distributing goods/services are made the price system

Describes the problem with a barter economy, you must find someone who wants your exact item

The total amount of product you can make or the speed in which you can produce a product.

Identify this...

This is a type of economy where all the decisions are made by the government or state

When the demand of something increases....