Economics Flashcards Matching
| the resources producers use to make and sell the things consumers want and need |
| the amount of a good or service that is available, large supply means there is a lot |
| How many of the product should be produced |
| Limited resources to meet unlimited wants and needs
There is a scarcity of water in a desert |
| What you gave up when making an opportunity |
| An organized way for producers and consumers to trade goods/services
Typically involves cash but not always
Can be digital
i.e supermarket |
| Starting a new business
People who take the risk and put all the factors of production together
Similar to labor but different
I.e Mark Zuckerberg |
| Things that we can touch and/or use |
| Natural resources
Not man made
Includes both renewable and nonrenewable things
I.e metals, oils |
| People who use or buy those goods or services given by a producer |
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