Term
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Definition
| Signs that are used by consumers and producers to determine how much of a good to buy or sell at a given price. |
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Definition
| Goods that have a life expectancy of less than three years. |
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Term
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Definition
| Goods that have a life expectancy of at least three years. |
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Term
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Definition
| An illegal,underground system for the exchange of goods,developed to avoid governmental regulations. |
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Term
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Definition
| Part of an economy that is controlled by private individuals,businesses and organizations. |
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Term
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Definition
| An economy that is controlled by nation,state and local governments. |
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Term
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Definition
| Desire to work to improve one's economic situation. |
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Term
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Definition
| The diminishing of the value of goods that is caused by wear and time. |
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Term
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Definition
| The excess of the total revenue paid by buyers for goods over the seller's total expense of producing those goods. |
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Term
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Definition
| The value of the best alternative that is foregone when a different alternative is taken. |
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