12th Grade Economics List 1

the resources needed to produce goods and services, including land, labor, capital, and entrepreneurship.

supplies of something of value.

condition in which there are not enough resources available to produce everything that individuals demand.

a visual representation showing the relationship between the factor market and the product market.

process created to manage the production, consumption, and distribution of goods and services.

the value of goods and services that are given up in order to obtain an alternative good or service.

market system operating free from government intervention.