Term
|
Definition
|
|
Term
|
Definition
| any good that lasts more that 3 years or more when used on a regular basis |
|
|
Term
|
Definition
| work that is performed for someone |
|
|
Term
|
Definition
| COST OF THE NEXT BEST ALTERNATIVE USE OF MONEY, TIME OR RESOURCES, WHEN ONE CHOICE IS MADE RATHER THAT ANOTHER |
|
|
Term
|
Definition
| goods intended for final use by individuals |
|
|
Term
|
Definition
| A RISK-TAKER IN SEARCH OF PROFITS WHO DOES SOMETHING NEW WITH EXISTING RESOURCES |
|
|
Term
|
Definition
| the condition that RESULTS FROM SOCIETY NOT HAVING ENOUGH RESOURCES TO PRODUCE ALL THE THINGS PEOPLE WOULD LIKE TO HAVE |
|
|
Term
|
Definition
| a measure of the amount of goods and services provided with a given amount of resources in a specific period of time |
|
|
Term
|
Definition
| the capacity to be useful and provide satisfaction |
|
|
Term
|
Definition
| MARKET ECONOMY IN WHICH PRIVATELY OWNED BUSINESSES HAVE THE FREEDOM TO OPERATE FOR A PROFIT WITH LIMITED GOVERNMENT INTERVENTION |
|
|
Term
|
Definition
| people with all their abilities and efforts; one of four factors, does not include the entrepreneur |
|
|
Term
|
Definition
| TAKES PLACE WHEN FACTORS OF PRODUCTION PERFORM ONLY TASKS THEY CAN DO BETTER OR MORE EFFICIENTLY THAT OTHERS |
|
|
