Economics

Marketplace

A term that refers to the commercial activity of buying and selling goods and services

Supply

Amount of a good or service producers are willing and able to produce and sell at a certain price

Price

Amount of money that is exchangeds for a good or service

Production

Combining of human, natural, capital, and enterprenurship resources to make goods or provide services

Resources

Factors of production such as land, labor, and money that are used in the production of goods and services

Scarcity

Is the inability to satisfy all wants at the same time

Consumption

Is the purchasing and using of goods and services

Natural Resources

Materials that occur in nature that are use to produce goods and services

Choice

Occurs when a good or service is selected or chosen from a group of alternatives. When a person or business makes a choice,something else is given up

Human Resources

People that use their physical and metal abilities to produce goods and serivces

Entrepreneurship resources (Entrepreneurs)

People who take the risk of production to earn a profit

Demand

Refers to the amount of a good or service that consumers are willing and able to buy at a certain price

Economics

The study of how people make decisions when dealing with limited resources

Incentives

These are used to influence customer desicions and change economic behaviors.They motivate or incite people to spend money

Needs

Things needed for survival such as food,shelter,clothing

Capital Resources

Things that are owned that are used to produce goods and services

Wants

Things that make life comfortable and enjoyable ,not required for survival

Opportunity Cost

This is what is given up when a choice is made,measures the cost of any choice in terms of the next best alternative foregone