The costs of conducting an exchange are called the ______ costs.

__ is the proposition that, all else remaining equal, as the price of a good increases,quantity supplied tends to increase, and vice versa.

The fact that, other things equal, people tend to prefer to consume goods and services immediately than to wait to consume them in the future, everything else remaining equal.

__ is the transformative power of a human's mental and physical energy that can be employed to alter one's environment.

__ is using savings to create capital in an attempt to generate even more value in the future.

People choosing various jobs and careers in a society is an example of the

The ability to obtain goods or services before payment, based on one’s reputation and the trust that payment will be made in the future.

The difference between what a person produces and what a person consumes.

Someone who contributes his or her creative talent, vision, and intelligence to direct the overall use of resources in a productive project.

___ the additional value, satisfaction, or benefit a consumer gains from possessing or using an additional amount of a good or service.

__ the theory or practice of shielding one or more of a country's domestic industries from foreign competition by means of government imposed restrictions on trade.

According to the book "Economics in One Lesson", a bad economist

______ is when you buy something cheap in one location in order to sell it at a different location where it can have a bigger profit.

Money is merely a medium by which we exchange present goods and services with one another, and a loan is merely an agreement by which we exchange present goods and services for future ones.