Term
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Definition
| The condition that results from society not having enough resources to produce all the things people would like to have. |
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Term
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Definition
| The tools, equipment, machinery, and factories used in the production of goods and services. |
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Term
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Definition
| People with all their efforts, abilities, and skills. |
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Term
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Definition
| A risk-taker in search of profits who does something new with existing resources. |
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Term
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Definition
| A manufactured item used to produce other goods and services. |
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Term
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Definition
| The situation in which some non-necessities have a much higher value than some necessities. |
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Term
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Definition
| A market where productive resources are bought and sold. |
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Term
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Definition
| Reliance on one another to provide the goods and services that people consume. |
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Term
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Definition
| The cost of the next best alternative use of money, time, or resources when one choice is made rather than another. |
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Term
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Definition
| An economy in which a central authority makes most of the WHAT,HOW, and FOR WHOM decisions. |
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Term
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Definition
| A system in which private citizens own the factors of production |
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Term
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Definition
| The driving force that encourages people and organizations to improve their material well-being |
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Term
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Definition
| The tools, equipment, machinery, and factories used in the production of goods and services. |
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Term
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Definition
| People with all their efforts, abilities, and skills. |
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Term
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Definition
| A risk-taker in search of profits who does something new with existing resources. |
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Term
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Definition
| A manufactured item used to produce other goods and services. |
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Term
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Definition
| The situation in which some non-necessities have a much higher value than some necessities. |
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Term
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Definition
| A market where productive resources are bought and sold. |
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Term
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Definition
| Reliance on one another to provide the goods and services that people consume. |
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Term
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Definition
| The cost of the next best alternative use of money, time, or resources when one choice is made rather than another. |
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Term
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Definition
| An economy in which a central authority makes most of the WHAT,HOW, and FOR WHOM decisions. |
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Term
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Definition
| A system in which private citizens own the factors of production |
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Term
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Definition
| The driving force that encourages people and organizations to improve their material well-being |
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Term
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Definition
| Economy in which people carry on their economic affairs freely but are subject to some government intervention and regulation. |
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