Home > Flashcards > Education > StUdY 4 ThIs HaRd

Details Title: StUdY 4 ThIs HaRd Description: history Total Flash Cards: 16 Created: 01/16/2007 17:21:19	To study from this set of flash cards, or to create your own your own study flash cards, register HERE. If you are already a registered user, CLICK HERE.
Cards Term trade Definition the exchange of goods and services between people Term productive resources Definition all natural, human, and capital resources used in the production of goods and services Term import Definition goods and services bought from sellers in another nation Term specialization Definition training and the ability to produce a particular type of good or service Term supply Definition the available quantity of a good, product, or resources available Term human resources Definition physical and mental ability of workers Term scarcity Definition this occurs when wants are greater than the resources necessary to satisfy Term natural resources Definition gifts of nature including water, minerals, oil, and land Term technology Definition knowledge used to produce goods and services Term income Definition money or other goods received for labor, services, property, or investments Term trade barriers Definition physical, economic, or cultural reasons that stops trade Term export Definition goods and services produced in one nation but sold to buyers in another nation Term capital resources Definition machines, equipment, buildings, and money Term demand Definition people's desires for a particular item Term opportunity cost Definition this is your second choice...what you gave up to get something lost...opportunity lost Term productivity Definition the amount of a produce that is produced during a time period