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goods made and used to produce other goods and services
Terms in this set (17)
capital resources
goods made and used to produce other goods and services
choice
to make a decision
consumers
people who buy and or use goods and services to satisify wants
cost/benefits
the bad and good points related to making a decision
economic systems
the way a society organizes the production consumption and distribution of goods and services
entreprenuer
someone who takes the risk of producing a product or starting a new business
goods
things that can satisify peoples wants.
human resources
workers who provide goods and provide services
Natural resources
Gifts of nature used to make goods and services
Needs
Things you must have to live
Opportunity cost
The next best choice that you give up the opportunity lost
Producers
Firms/business who use resources to make goods and services
Resources
Things used to make goods and services
Scarcity
When there is not enough for all who want it limited resources versus unlimited wants
Services
Activities that can satisfy peoples wants
Trade-off
When you choose to get less of one thing in order to get more of something else
Wants
Things people like and desire
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A. Draw a correctly labeled graph showing a monopoly incurring a loss in the short run. Assume that the marginal cost curve is swoosh-shaped. B. How can the monopolist determine whether to shut down or produce at a loss in the short run?
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