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Definition
| inability to satisfy all wants at the same time |
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Term
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Definition
| factors of production that are used in the production of goods and services |
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Term
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Definition
| selection of an item or action from a set of possible alternatives |
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Term
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Definition
what is given up when a choice is made
(highest valued alternative forgone) |
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Definition
| the amount of money exchanged for a good or service |
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Term
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Definition
| things that incite or motivate |
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Term
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Definition
DEMAND is the amount of a good or service that consumers are willing and able to buy at a certain price
SUPPLY |
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Term
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Definition
| the combining of human, natural, capital and entrepreneurship resources to make goods or provide services |
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Term
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Definition
| the using of goods and services. Consumer preferences and price determine what is purchased and consumed. |
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Term
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Definition
| the amount of a good or service that producers are willing and able to sell at a certain price. |
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