Term
|
Definition
|
|
Term
|
Definition
| physical human energy used in production |
|
|
Term
|
Definition
| the tools, facility, and equipment used in the production and distributin of goods and service( these are man-made) |
|
|
Term
|
Definition
| a human process that leads to a unique way of combining scarce resources that involves risk when creating a new business |
|
|
Term
|
Definition
| a specific economic project or activity such as raising wheat or dairy cow |
|
|
Term
|
Definition
| mental human energy used in production, primarily concerned with decision making and evaluation of risks to accomplish predetermined goals |
|
|
Term
|
Definition
| the effort of two or more sellers, acting independently to get the business of others.----> variety, quality, and lower prices |
|
|
Term
|
Definition
| concentrating on one particular enterprise |
|
|
Term
|
Definition
| study of specific factors in economy that operates within the economy; includes business firms, cnsumers, labor unions, supply and demand, financial markets |
|
|
Term
|
Definition
| persons who buy good or services for personal use |
|
|
Term
|
Definition
| he power of the consumer to determine what is produced(voting with your dollars) |
|
|
Term
|
Definition
| trade in which the parties incolved anticipate tht benefits will outweigh the cost |
|
|
Term
|
Definition
| man made wealth used for production(machinery, buildings with decision making and evaluation of risks to accomplish predetermined goals) |
|
|
Term
|
Definition
|
|
Term
|
Definition
| the measure of worth that a persn is willing t give up(in time, money, effort, etc.) for something |
|
|
Term
| "there is no such thing as a free lunch" |
|
Definition
| everything has a cost!( time, money...etc.) |
|
|
Term
| factor market (resource market) |
|
Definition
| the marketplace for productive resources(land, labor, capital, entrepreneurship) |
|
|
Term
|
Definition
| the market in which goods and services are bought and sold. |
|
|
Term
|
Definition
| the alternative someone gives up when making a better economic choice |
|
|
Term
| circular flow diagram(model) |
|
Definition
| economic odel used to illustrate the independence between markets and all interaction in a market economy |
|
|
Term
|
Definition
| economic system where basic economic decisions are determined by the interactions of buyers and sellers, each acting in thier own self-intrest |
|
|
