Term
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Definition
| the exchange of goods and services between people |
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Term
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Definition
| all natural, human, and capital resources used in the production of goods and services |
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Term
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Definition
| goods and services bought from sellers in another nation |
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Term
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Definition
| training and the ability to produce a particular type of good or service |
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Term
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Definition
| the available quantity of a good, product, or resources available |
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Term
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Definition
| physical and mental ability of workers |
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Term
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Definition
| this occurs when wants are greater than the resources necessary to satisfy |
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Term
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Definition
| gifts of nature including water, minerals, oil, and land |
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Term
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Definition
| knowledge used to produce goods and services |
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Term
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Definition
| money or other goods received for labor, services, property, or investments |
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Term
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Definition
| physical, economic, or cultural reasons that stops trade |
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Term
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Definition
| goods and services produced in one nation but sold to buyers in another nation |
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Term
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Definition
| machines, equipment, buildings, and money |
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Term
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Definition
| people's desires for a particular item |
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Term
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Definition
| this is your second choice...what you gave up to get something lost...opportunity lost |
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Term
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Definition
| the amount of a produce that is produced during a time period |
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