Economic Terms

Man made items (warehouses, tractors, conveyor belts, money) are what type of resource?

The inability to satisfy all wants at the same time is...

Teachers, construction workers, doctors, electricians... are what type of resources?

These are used to influence consumer decisions... like buy one get one free!

Things like land, labor, and money that are used in the production of goods and services.

The amount of money exchanged for a good/service is the...

Taking lots of risks (using your own money, your own time, your own ideas) is what resource?

The amount of a good/service PRODUCERS are willing/able to make/sell at a certain price..

Trees, fish, land... these are what type of resources?

The saying that describes when the consumer controls the economy...

The purchasing of goods and services is...

This refers to the commercial buying and selling of goods and services...

The combining of resources to make a good or provide a service is...

When you pick something from a group of alternatives...

The amount of a good/service that CONSUMERS are willing/able to buy at a certain price...

A market that has no government interference and consumers determine price/production...

What is given up when a choice is made?