CE 11 Vocabulary Terms

An example of a factor of production; business owner and risk taker.

Using goods and services.

An example of a factor of production; includes land, water, sun, animals, plants, air, etc.

Example of factor of production; labor and workers.

Inability to satisfy all wants at the same time; needs and wants are greater than resources.

Buyers will demand more products when they can buy them a lower prices.

Mechanism to decide who gets goods and services. The amount that satisfies both producers for profit and consumers for value.

Factor of production; includes money, machines, tools, equipment, technology.

Something that spurs or motivates someone into action, like a sale or coupon.

What is given up when a choice is made.

The AMOUNT of a good or service that consumers are willing and able to sell at a given price.

The AMOUNT of a good or service that producers are willing and able to sell at a certain price.

Selecting an item or action from a set of possible alternatives.

Combining human, natural, capital, entrepreneur resources to make goods and services.

Anything that goes into the making of a good or service. Another word for resources.