Economic Terms

Law of supply and demand

• A person who buys goods and services for his or her own personal needs and wants

• Affects the prices we pay for goods and services

• A person who creates economic value by producing goods and services

• What you gave up when making a choice

Opportunity cost

• How much of a product or service that people are willing to buy

• How much of a product or service for people to buy

• People have unlimited needs and wants but resources are limited

• What you gave up when making a choice

Capital

• A social science that studies the distribution of limited resources to the production of goods and services used to satisfy consumer's unlimited needs and wants

• Any resource such as machinery, equipment, tools, factories used by labor in making other products

• The person responsible of making decisions about the resources CELL to produce goods and services

• Any form of human labor used in the production of goods and services

Entrepreneurship

• Any form of human labor used in the production of goods and services

• A social science that studies the distribution of limited resources to the production of goods and services used to satisfy consumer's unlimited needs and wants

• A person who starts a business hoping to make a profit

• The person responsible of making decisions about the resources CELL to produce goods and services

Economics

• A social science that studies the distribution of limited resources to the production of goods and services used to satisfy consumer's unlimited needs and wants

• A person who starts a business hoping to make a profot

• The person responsible of making decisions about the resources CELL to produce goods and services

• People have unlimited needs and wants but resources are limited

Scarcity

• What you gave up when making a choice

• People have unlimited needs and wants but resources are limited

• How much of a product or service for people to buy

• How much of a product or service that people are willing to buy

Consumer

• A person who buys goods and services for his or her own personal needs and wants

• A person who creates economic value by producing goods and services

• How much of a product or service for people to buy

• How much of a product or service that people are willing to buy

Producer

• Affects the prices we pay for goods and services

• A person who buys goods and services for his or her own personal needs and wants

• What you gave up when making a choice

• A person who creates economic value by producing goods and services

Land

• This includes all natural resources such as water, air, forests, coal, iron ore, oil, soil, plants, minerals, ect

• Any form of human labor used in the production of goods and services

• Any resource such as machinery, equipment, tools, factories used by labor in making other products

• A social science that studies the distribution of limited resources to the production of goods and services used to satisfy consumer's unlimited needs and wants

Entrepreneur

• A social science that studies the distribution of limited resources to the production of goods and services used to satisfy consumer's unlimited needs and wants

• Any form of human labor used in the production of goods and services

• A person who creates economic value by producing goods and services

• A person who starts a business hoping to make a profit