Economic Terms

Rivalry between companies to win more business.

To sell products to another country.

Buys and uses goods and services.

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

Producing only a few product instead of many different products.

Farmer is what factor of production?

Bill Gates, the founder of Microsoft.

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

In the International Trade game, your distribution of resources was _____?

Many individuals desiring something that has limited availability.

Each country needs the others to meet the needs and wants of its people.

To buy goods from another country.

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

Iron Ore is what factor of production?

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

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

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

Revenue of a business minus cost-what you make.

The resources supplied by nature.

Talents and skills of human beings.

Amount of an item produced for sale.

Human made materials needed to produce goods and services.

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

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