2022 Economic Terms 1.0,2.0, 3.0

Human made materials needed to produce goods and services.

Talents and skills of human beings.

Revenue of a business minus cost-what you make.

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

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

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

Producing only a few product instead of many different products.

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

To buy goods from another country.

To sell products to another country.

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

Amount of an item produced for sale.

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

Rivalry between companies to win more business.

Many individuals desiring something that has limited availability.

People who take risk to run their own business.

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

The resources supplied by nature.

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

Buys and uses goods and services.

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

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