Econ Vocab for Lemonade War

Slump

• • a drop in the activity of a business or the economy

• organization involved in the trade of goods or services or both  to consumers

• • the production, distribution or trade, and consumption of limited goods and services by different companies in a given location

• • different between the money people make when they produce and sell a good or service and all their costs of production

business

• organization involved in the trade of goods or services or both  to consumers

• • the production, distribution or trade, and consumption of limited goods and services by different companies in a given location

• • different between the money people make when they produce and sell a good or service and all their costs of production

• • gifts of nature that are used in the production or goods/services

economy

• • the production, distribution or trade, and consumption of limited goods and services by different companies in a given location

• • different between the money people make when they produce and sell a good or service and all their costs of production

• • gifts of nature that are used in the production or goods/services

• • goods produced and used to make other goods or services

profit

• • different between the money people make when they produce and sell a good or service and all their costs of production

• • gifts of nature that are used in the production or goods/services

• • goods produced and used to make other goods or services

• people who work to produce goods and services

natural resource

• • gifts of nature that are used in the production or goods/services

• • goods produced and used to make other goods or services

• • people who work to produce goods and services

• • in short supply; not enough

breakup

• • dissolution of a unit, an organization, or a group of organizations

• • describe or draw attention to a product, service or event in a public medium in order to promote sales or attendance

• • two or more people joining forces to sell a certain amount of goods or to work on a single project

• • what people pay when they purchase a good or service 

market

• • this exists whenever people buy and sell goods and services, where prices are determined

• • when you make a decision, the most valuable alternative that you give up

• rivalry in the marketplace

• pricing the same goods for less than the competition

opportunity cost

• when you make a decision, the most valuable alternative that you give up

• • rivalry in the marketplace

• pricing the same goods for less than the competition

• an object people want that they can touch or hold

capital resource

• 1. goods produced and used to make other goods or services

• people who work to produce goods and services

• 1. in short supply; not enough

• 1. dissolution of a unit, an organization, or a group of organizations

human resources

• 1. people who work to produce goods and services

• 1. in short supply; not enough

• 1. dissolution of a unit, an organization, or a group of organizations

• 1. describe or draw attention to a product, service or event in a public medium in order to promote sales or attendance