Term
|
Definition
The condition that results from society not having enough resources to produce all the things people would like to have. |
|
|
Term
|
Definition
The tools, equipment, machinery, and factories used in the production of goods and services. |
|
|
Term
|
Definition
People with all their efforts, abilities, and skills. |
|
|
Term
|
Definition
A risk-taker in search of profits who does something new with existing resources. |
|
|
Term
|
Definition
A manufactured item used to produce other goods and services. |
|
|
Term
|
Definition
The situation in which some non-necessities have a much higher value than some necessities. |
|
|
Term
|
Definition
A market where productive resources are bought and sold. |
|
|
Term
|
Definition
Reliance on one another to provide the goods and services that people consume. |
|
|
Term
|
Definition
The cost of the next best alternative use of money, time, or resources when one choice is made rather than another. |
|
|
Term
|
Definition
An economy in which a central authority makes most of the WHAT,HOW, and FOR WHOM decisions. |
|
|
Term
|
Definition
A system in which private citizens own the factors of production |
|
|
Term
|
Definition
The driving force that encourages people and organizations to improve their material well-being |
|
|
Term
|
Definition
The tools, equipment, machinery, and factories used in the production of goods and services. |
|
|
Term
|
Definition
People with all their efforts, abilities, and skills. |
|
|
Term
|
Definition
A risk-taker in search of profits who does something new with existing resources. |
|
|
Term
|
Definition
A manufactured item used to produce other goods and services. |
|
|
Term
|
Definition
The situation in which some non-necessities have a much higher value than some necessities. |
|
|
Term
|
Definition
A market where productive resources are bought and sold. |
|
|
Term
|
Definition
Reliance on one another to provide the goods and services that people consume. |
|
|
Term
|
Definition
The cost of the next best alternative use of money, time, or resources when one choice is made rather than another. |
|
|
Term
|
Definition
An economy in which a central authority makes most of the WHAT,HOW, and FOR WHOM decisions. |
|
|
Term
|
Definition
A system in which private citizens own the factors of production |
|
|
Term
|
Definition
The driving force that encourages people and organizations to improve their material well-being |
|
|
Term
|
Definition
Economy in which people carry on their economic affairs freely but are subject to some government intervention and regulation. |
|
|