Term
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Definition
| Things that are necessary for survival, such as food, clothing, and shelter. |
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Definition
| Things that are not necessary for survival but that add comfort and pleasure to our lives. |
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Definition
| Things you can see and touch. |
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Definition
| Things that satisfy our wants through the efforts of other people or equipment. |
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Term
| Economic Resources or factors of production |
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Definition
| The means through which goods and services are produced. |
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Term
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Definition
| Raw materials supplied by nature. |
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Definition
| People who work to produce goods and services. |
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Term
| Capital Resources (capital) |
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Definition
| Tools, equipment, and buildings used in producing goods and services. |
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Term
| Basic Economic Problem (Scarcity) |
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Definition
| The problem which faces individuals, businesses, and governments of satisfying unlimited wants with limited resources. |
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Term
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Definition
| The value of any alternative that you give up when you buy something else or make another choice. |
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Term
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Definition
| The process of choosing which want, among several wants being considered, will be satisfied. |
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Term
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Definition
| A nation's plan for making decisions on what and how to produce and how to distribute goods and services. |
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Term
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Definition
| An economic system in which goods are produced the way they have always been produced. |
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Term
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Definition
| Buyers and sellers make their own economic decisions to determine what the price will be for goods and services produced and sold. |
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Term
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Definition
| Any place where buyers and sellers exchange goods and services for some form of money. |
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Term
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Definition
| The rivalry among businesses in selling to buyers. |
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Term
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Definition
| The right of the individual to choose whether to own a business, what business to enter, and what to produce with only limited government direction. |
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Term
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Definition
| The right to own, use, or dispose of things of value. |
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Term
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Definition
| An economy in which individuals are free to engage in busines transactions with buyers who are able and willing to buy and sellers who supply goods and services from which they earn a profit. |
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Term
| directed or planned economy |
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Definition
| An economy in which resources are owned and controlled by the government. |
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Term
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Definition
| The desire to work hard and be creative to earn a higher profit. |
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Term
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Definition
| An economic system in which most economic resources are privately owned and decisions about production are largely made by free exchange in the marketplace. |
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Term
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Definition
| Money left from sales after subtracting the cost of operating the business. |
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Term
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Definition
| An establishment or enterprise that supplies goods and services in exchange for some form of payment. |
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Term
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Definition
| The quantity of a good an average worker produces in one hour |
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