Economic
Tangible output of a process that has physical dimensions
Hands off government
Money left after you pay all your cost
Govenrment
Wealth of nations and the invisible hand theory
Wealth and resources of a country or region,terms of production and consumption
economy's finite resources are insufficient to satisfy all human wants and needs.
A person or organization that uses economic services or commodities.
a measure of the benefit provided by a good or service to an economic agent
Survival like food and water
Used by economists to describe the measurement of "useful-ness" that a consumer obtains from any good.
What you could make
Resources
Everybody does what they have to do in the economy then the economic interest will grow
The value of the next-highest-valued alternative use of that resource
The cost of producing a good or service, including the cost of all resources used and the cost of not employing those resources in alternative uses.
Money business brings in
Private property, little or no govenrment control,self interest and competition
The use of goods and services by households
Often expressed as an opportunity cost, which is the most preferred possible alternative.
Desire to have
The goods or services available to individuals and businesses used to produce valuable consumer products.
Cannot be weighed or measure
what goods and services and how much of each to produce, how to produce, for whom to produce, and who owns and controls the factors of production
System which countries and governments distribute distribute resources and trade goods
Branch of knowledge concerned with production and transfer of wealth
Economy
Tangible output of a process that has physical dimensions
Hands off government
Money left after you pay all your cost
Govenrment
Wealth of nations and the invisible hand theory
Wealth and resources of a country or region,terms of production and consumption
economy's finite resources are insufficient to satisfy all human wants and needs.
A person or organization that uses economic services or commodities.
a measure of the benefit provided by a good or service to an economic agent
Survival like food and water
Used by economists to describe the measurement of "useful-ness" that a consumer obtains from any good.
What you could make
Resources
Everybody does what they have to do in the economy then the economic interest will grow
The value of the next-highest-valued alternative use of that resource
The cost of producing a good or service, including the cost of all resources used and the cost of not employing those resources in alternative uses.
Money business brings in
Private property, little or no govenrment control,self interest and competition
The use of goods and services by households
Often expressed as an opportunity cost, which is the most preferred possible alternative.
Desire to have
The goods or services available to individuals and businesses used to produce valuable consumer products.
Cannot be weighed or measure
what goods and services and how much of each to produce, how to produce, for whom to produce, and who owns and controls the factors of production
System which countries and governments distribute distribute resources and trade goods
Branch of knowledge concerned with production and transfer of wealth
Economic sytem
Tangible output of a process that has physical dimensions
Hands off government
Money left after you pay all your cost
Govenrment
Wealth of nations and the invisible hand theory
Wealth and resources of a country or region,terms of production and consumption
economy's finite resources are insufficient to satisfy all human wants and needs.
A person or organization that uses economic services or commodities.
a measure of the benefit provided by a good or service to an economic agent
Survival like food and water
Used by economists to describe the measurement of "useful-ness" that a consumer obtains from any good.
What you could make
Resources
Everybody does what they have to do in the economy then the economic interest will grow
The value of the next-highest-valued alternative use of that resource
The cost of producing a good or service, including the cost of all resources used and the cost of not employing those resources in alternative uses.
Money business brings in
Private property, little or no govenrment control,self interest and competition
The use of goods and services by households
Often expressed as an opportunity cost, which is the most preferred possible alternative.
Desire to have
The goods or services available to individuals and businesses used to produce valuable consumer products.
Cannot be weighed or measure
what goods and services and how much of each to produce, how to produce, for whom to produce, and who owns and controls the factors of production
System which countries and governments distribute distribute resources and trade goods
Branch of knowledge concerned with production and transfer of wealth
Utility
Tangible output of a process that has physical dimensions
Hands off government
Money left after you pay all your cost
Govenrment
Wealth of nations and the invisible hand theory
Wealth and resources of a country or region,terms of production and consumption
economy's finite resources are insufficient to satisfy all human wants and needs.
A person or organization that uses economic services or commodities.
a measure of the benefit provided by a good or service to an economic agent
Survival like food and water
Used by economists to describe the measurement of "useful-ness" that a consumer obtains from any good.
What you could make
Resources
Everybody does what they have to do in the economy then the economic interest will grow
The value of the next-highest-valued alternative use of that resource
The cost of producing a good or service, including the cost of all resources used and the cost of not employing those resources in alternative uses.
Money business brings in
Private property, little or no govenrment control,self interest and competition
The use of goods and services by households
Often expressed as an opportunity cost, which is the most preferred possible alternative.
Desire to have
The goods or services available to individuals and businesses used to produce valuable consumer products.
Cannot be weighed or measure
what goods and services and how much of each to produce, how to produce, for whom to produce, and who owns and controls the factors of production
System which countries and governments distribute distribute resources and trade goods
Branch of knowledge concerned with production and transfer of wealth
Value
Tangible output of a process that has physical dimensions
Hands off government
Money left after you pay all your cost
Govenrment
Wealth of nations and the invisible hand theory
Wealth and resources of a country or region,terms of production and consumption
economy's finite resources are insufficient to satisfy all human wants and needs.
A person or organization that uses economic services or commodities.
a measure of the benefit provided by a good or service to an economic agent
Survival like food and water
Used by economists to describe the measurement of "useful-ness" that a consumer obtains from any good.
What you could make
Resources
Everybody does what they have to do in the economy then the economic interest will grow
The value of the next-highest-valued alternative use of that resource
The cost of producing a good or service, including the cost of all resources used and the cost of not employing those resources in alternative uses.
Money business brings in
Private property, little or no govenrment control,self interest and competition
The use of goods and services by households
Often expressed as an opportunity cost, which is the most preferred possible alternative.
Desire to have
The goods or services available to individuals and businesses used to produce valuable consumer products.
Cannot be weighed or measure
what goods and services and how much of each to produce, how to produce, for whom to produce, and who owns and controls the factors of production
System which countries and governments distribute distribute resources and trade goods
Branch of knowledge concerned with production and transfer of wealth
Real cost
Tangible output of a process that has physical dimensions
Hands off government
Money left after you pay all your cost
Govenrment
Wealth of nations and the invisible hand theory
Wealth and resources of a country or region,terms of production and consumption
economy's finite resources are insufficient to satisfy all human wants and needs.
A person or organization that uses economic services or commodities.
a measure of the benefit provided by a good or service to an economic agent
Survival like food and water
Used by economists to describe the measurement of "useful-ness" that a consumer obtains from any good.
What you could make
Resources
Everybody does what they have to do in the economy then the economic interest will grow
The value of the next-highest-valued alternative use of that resource
The cost of producing a good or service, including the cost of all resources used and the cost of not employing those resources in alternative uses.
Money business brings in
Private property, little or no govenrment control,self interest and competition
The use of goods and services by households
Often expressed as an opportunity cost, which is the most preferred possible alternative.
Desire to have
The goods or services available to individuals and businesses used to produce valuable consumer products.
Cannot be weighed or measure
what goods and services and how much of each to produce, how to produce, for whom to produce, and who owns and controls the factors of production
System which countries and governments distribute distribute resources and trade goods
Branch of knowledge concerned with production and transfer of wealth
Trade off
Tangible output of a process that has physical dimensions
Hands off government
Money left after you pay all your cost
Govenrment
Wealth of nations and the invisible hand theory
Wealth and resources of a country or region,terms of production and consumption
economy's finite resources are insufficient to satisfy all human wants and needs.
A person or organization that uses economic services or commodities.
a measure of the benefit provided by a good or service to an economic agent
Survival like food and water
Used by economists to describe the measurement of "useful-ness" that a consumer obtains from any good.
What you could make
Resources
Everybody does what they have to do in the economy then the economic interest will grow
The value of the next-highest-valued alternative use of that resource
The cost of producing a good or service, including the cost of all resources used and the cost of not employing those resources in alternative uses.
Money business brings in
Private property, little or no govenrment control,self interest and competition
The use of goods and services by households
Often expressed as an opportunity cost, which is the most preferred possible alternative.
Desire to have
The goods or services available to individuals and businesses used to produce valuable consumer products.
Cannot be weighed or measure
what goods and services and how much of each to produce, how to produce, for whom to produce, and who owns and controls the factors of production
System which countries and governments distribute distribute resources and trade goods
Branch of knowledge concerned with production and transfer of wealth
Opportunity cost
Tangible output of a process that has physical dimensions
Hands off government
Money left after you pay all your cost
Govenrment
Wealth of nations and the invisible hand theory
Wealth and resources of a country or region,terms of production and consumption
economy's finite resources are insufficient to satisfy all human wants and needs.
A person or organization that uses economic services or commodities.
a measure of the benefit provided by a good or service to an economic agent
Survival like food and water
Used by economists to describe the measurement of "useful-ness" that a consumer obtains from any good.
What you could make
Resources
Everybody does what they have to do in the economy then the economic interest will grow
The value of the next-highest-valued alternative use of that resource
The cost of producing a good or service, including the cost of all resources used and the cost of not employing those resources in alternative uses.
Money business brings in
Private property, little or no govenrment control,self interest and competition
The use of goods and services by households
Often expressed as an opportunity cost, which is the most preferred possible alternative.
Desire to have
The goods or services available to individuals and businesses used to produce valuable consumer products.
Cannot be weighed or measure
what goods and services and how much of each to produce, how to produce, for whom to produce, and who owns and controls the factors of production
System which countries and governments distribute distribute resources and trade goods
Branch of knowledge concerned with production and transfer of wealth
Consumer
Tangible output of a process that has physical dimensions
Hands off government
Money left after you pay all your cost
Govenrment
Wealth of nations and the invisible hand theory
Wealth and resources of a country or region,terms of production and consumption
economy's finite resources are insufficient to satisfy all human wants and needs.
A person or organization that uses economic services or commodities.
a measure of the benefit provided by a good or service to an economic agent
Survival like food and water
Used by economists to describe the measurement of "useful-ness" that a consumer obtains from any good.
What you could make
Resources
Everybody does what they have to do in the economy then the economic interest will grow
The value of the next-highest-valued alternative use of that resource
The cost of producing a good or service, including the cost of all resources used and the cost of not employing those resources in alternative uses.
Money business brings in
Private property, little or no govenrment control,self interest and competition
The use of goods and services by households
Often expressed as an opportunity cost, which is the most preferred possible alternative.
Desire to have
The goods or services available to individuals and businesses used to produce valuable consumer products.
Cannot be weighed or measure
what goods and services and how much of each to produce, how to produce, for whom to produce, and who owns and controls the factors of production
System which countries and governments distribute distribute resources and trade goods
Branch of knowledge concerned with production and transfer of wealth
Consumption
Tangible output of a process that has physical dimensions
Hands off government
Money left after you pay all your cost
Govenrment
Wealth of nations and the invisible hand theory
Wealth and resources of a country or region,terms of production and consumption
economy's finite resources are insufficient to satisfy all human wants and needs.
A person or organization that uses economic services or commodities.
a measure of the benefit provided by a good or service to an economic agent
Survival like food and water
Used by economists to describe the measurement of "useful-ness" that a consumer obtains from any good.
What you could make
Resources
Everybody does what they have to do in the economy then the economic interest will grow
The value of the next-highest-valued alternative use of that resource
The cost of producing a good or service, including the cost of all resources used and the cost of not employing those resources in alternative uses.
Money business brings in
Private property, little or no govenrment control,self interest and competition
The use of goods and services by households
Often expressed as an opportunity cost, which is the most preferred possible alternative.
Desire to have
The goods or services available to individuals and businesses used to produce valuable consumer products.
Cannot be weighed or measure
what goods and services and how much of each to produce, how to produce, for whom to produce, and who owns and controls the factors of production
System which countries and governments distribute distribute resources and trade goods
Branch of knowledge concerned with production and transfer of wealth
Basic problem of economics
Tangible output of a process that has physical dimensions
Hands off government
Money left after you pay all your cost
Govenrment
Wealth of nations and the invisible hand theory
Wealth and resources of a country or region,terms of production and consumption
economy's finite resources are insufficient to satisfy all human wants and needs.
A person or organization that uses economic services or commodities.
a measure of the benefit provided by a good or service to an economic agent
Survival like food and water
Used by economists to describe the measurement of "useful-ness" that a consumer obtains from any good.
What you could make
Resources
Everybody does what they have to do in the economy then the economic interest will grow
The value of the next-highest-valued alternative use of that resource
The cost of producing a good or service, including the cost of all resources used and the cost of not employing those resources in alternative uses.
Money business brings in
Private property, little or no govenrment control,self interest and competition
The use of goods and services by households
Often expressed as an opportunity cost, which is the most preferred possible alternative.
Desire to have
The goods or services available to individuals and businesses used to produce valuable consumer products.
Cannot be weighed or measure
what goods and services and how much of each to produce, how to produce, for whom to produce, and who owns and controls the factors of production
System which countries and governments distribute distribute resources and trade goods
Branch of knowledge concerned with production and transfer of wealth
Resources
Tangible output of a process that has physical dimensions
Hands off government
Money left after you pay all your cost
Govenrment
Wealth of nations and the invisible hand theory
Wealth and resources of a country or region,terms of production and consumption
economy's finite resources are insufficient to satisfy all human wants and needs.
A person or organization that uses economic services or commodities.
a measure of the benefit provided by a good or service to an economic agent
Survival like food and water
Used by economists to describe the measurement of "useful-ness" that a consumer obtains from any good.
What you could make
Resources
Everybody does what they have to do in the economy then the economic interest will grow
The value of the next-highest-valued alternative use of that resource
The cost of producing a good or service, including the cost of all resources used and the cost of not employing those resources in alternative uses.
Money business brings in
Private property, little or no govenrment control,self interest and competition
The use of goods and services by households
Often expressed as an opportunity cost, which is the most preferred possible alternative.
Desire to have
The goods or services available to individuals and businesses used to produce valuable consumer products.
Cannot be weighed or measure
what goods and services and how much of each to produce, how to produce, for whom to produce, and who owns and controls the factors of production
System which countries and governments distribute distribute resources and trade goods
Branch of knowledge concerned with production and transfer of wealth
Production possibilites
Tangible output of a process that has physical dimensions
Hands off government
Money left after you pay all your cost
Govenrment
Wealth of nations and the invisible hand theory
Wealth and resources of a country or region,terms of production and consumption
economy's finite resources are insufficient to satisfy all human wants and needs.
A person or organization that uses economic services or commodities.
a measure of the benefit provided by a good or service to an economic agent
Survival like food and water
Used by economists to describe the measurement of "useful-ness" that a consumer obtains from any good.
What you could make
Resources
Everybody does what they have to do in the economy then the economic interest will grow
The value of the next-highest-valued alternative use of that resource
The cost of producing a good or service, including the cost of all resources used and the cost of not employing those resources in alternative uses.
Money business brings in
Private property, little or no govenrment control,self interest and competition
The use of goods and services by households
Often expressed as an opportunity cost, which is the most preferred possible alternative.
Desire to have
The goods or services available to individuals and businesses used to produce valuable consumer products.
Cannot be weighed or measure
what goods and services and how much of each to produce, how to produce, for whom to produce, and who owns and controls the factors of production
System which countries and governments distribute distribute resources and trade goods
Branch of knowledge concerned with production and transfer of wealth
Trade off to A and B
Tangible output of a process that has physical dimensions
Hands off government
Money left after you pay all your cost
Govenrment
Wealth of nations and the invisible hand theory
Wealth and resources of a country or region,terms of production and consumption
economy's finite resources are insufficient to satisfy all human wants and needs.
A person or organization that uses economic services or commodities.
a measure of the benefit provided by a good or service to an economic agent
Survival like food and water
Used by economists to describe the measurement of "useful-ness" that a consumer obtains from any good.
What you could make
Resources
Everybody does what they have to do in the economy then the economic interest will grow
The value of the next-highest-valued alternative use of that resource
The cost of producing a good or service, including the cost of all resources used and the cost of not employing those resources in alternative uses.
Money business brings in
Private property, little or no govenrment control,self interest and competition
The use of goods and services by households
Often expressed as an opportunity cost, which is the most preferred possible alternative.
Desire to have
The goods or services available to individuals and businesses used to produce valuable consumer products.
Cannot be weighed or measure
what goods and services and how much of each to produce, how to produce, for whom to produce, and who owns and controls the factors of production
System which countries and governments distribute distribute resources and trade goods
Branch of knowledge concerned with production and transfer of wealth
Adam Smith
Tangible output of a process that has physical dimensions
Hands off government
Money left after you pay all your cost
Govenrment
Wealth of nations and the invisible hand theory
Wealth and resources of a country or region,terms of production and consumption
economy's finite resources are insufficient to satisfy all human wants and needs.
A person or organization that uses economic services or commodities.
a measure of the benefit provided by a good or service to an economic agent
Survival like food and water
Used by economists to describe the measurement of "useful-ness" that a consumer obtains from any good.
What you could make
Resources
Everybody does what they have to do in the economy then the economic interest will grow
The value of the next-highest-valued alternative use of that resource
The cost of producing a good or service, including the cost of all resources used and the cost of not employing those resources in alternative uses.
Money business brings in
Private property, little or no govenrment control,self interest and competition
The use of goods and services by households
Often expressed as an opportunity cost, which is the most preferred possible alternative.
Desire to have
The goods or services available to individuals and businesses used to produce valuable consumer products.
Cannot be weighed or measure
what goods and services and how much of each to produce, how to produce, for whom to produce, and who owns and controls the factors of production
System which countries and governments distribute distribute resources and trade goods
Branch of knowledge concerned with production and transfer of wealth
Laissez faire
Tangible output of a process that has physical dimensions
Hands off government
Money left after you pay all your cost
Govenrment
Wealth of nations and the invisible hand theory
Wealth and resources of a country or region,terms of production and consumption
economy's finite resources are insufficient to satisfy all human wants and needs.
A person or organization that uses economic services or commodities.
a measure of the benefit provided by a good or service to an economic agent
Survival like food and water
Used by economists to describe the measurement of "useful-ness" that a consumer obtains from any good.
What you could make
Resources
Everybody does what they have to do in the economy then the economic interest will grow
The value of the next-highest-valued alternative use of that resource
The cost of producing a good or service, including the cost of all resources used and the cost of not employing those resources in alternative uses.
Money business brings in
Private property, little or no govenrment control,self interest and competition
The use of goods and services by households
Often expressed as an opportunity cost, which is the most preferred possible alternative.
Desire to have
The goods or services available to individuals and businesses used to produce valuable consumer products.
Cannot be weighed or measure
what goods and services and how much of each to produce, how to produce, for whom to produce, and who owns and controls the factors of production
System which countries and governments distribute distribute resources and trade goods
Branch of knowledge concerned with production and transfer of wealth
Invisible hand theory
Tangible output of a process that has physical dimensions
Hands off government
Money left after you pay all your cost
Govenrment
Wealth of nations and the invisible hand theory
Wealth and resources of a country or region,terms of production and consumption
economy's finite resources are insufficient to satisfy all human wants and needs.
A person or organization that uses economic services or commodities.
a measure of the benefit provided by a good or service to an economic agent
Survival like food and water
Used by economists to describe the measurement of "useful-ness" that a consumer obtains from any good.
What you could make
Resources
Everybody does what they have to do in the economy then the economic interest will grow
The value of the next-highest-valued alternative use of that resource
The cost of producing a good or service, including the cost of all resources used and the cost of not employing those resources in alternative uses.
Money business brings in
Private property, little or no govenrment control,self interest and competition
The use of goods and services by households
Often expressed as an opportunity cost, which is the most preferred possible alternative.
Desire to have
The goods or services available to individuals and businesses used to produce valuable consumer products.
Cannot be weighed or measure
what goods and services and how much of each to produce, how to produce, for whom to produce, and who owns and controls the factors of production
System which countries and governments distribute distribute resources and trade goods
Branch of knowledge concerned with production and transfer of wealth
Revenue
Tangible output of a process that has physical dimensions
Hands off government
Money left after you pay all your cost
Govenrment
Wealth of nations and the invisible hand theory
Wealth and resources of a country or region,terms of production and consumption
economy's finite resources are insufficient to satisfy all human wants and needs.
A person or organization that uses economic services or commodities.
a measure of the benefit provided by a good or service to an economic agent
Survival like food and water
Used by economists to describe the measurement of "useful-ness" that a consumer obtains from any good.
What you could make
Resources
Everybody does what they have to do in the economy then the economic interest will grow
The value of the next-highest-valued alternative use of that resource
The cost of producing a good or service, including the cost of all resources used and the cost of not employing those resources in alternative uses.
Money business brings in
Private property, little or no govenrment control,self interest and competition
The use of goods and services by households
Often expressed as an opportunity cost, which is the most preferred possible alternative.
Desire to have
The goods or services available to individuals and businesses used to produce valuable consumer products.
Cannot be weighed or measure
what goods and services and how much of each to produce, how to produce, for whom to produce, and who owns and controls the factors of production
System which countries and governments distribute distribute resources and trade goods
Branch of knowledge concerned with production and transfer of wealth
Profit
Tangible output of a process that has physical dimensions
Hands off government
Money left after you pay all your cost
Govenrment
Wealth of nations and the invisible hand theory
Wealth and resources of a country or region,terms of production and consumption
economy's finite resources are insufficient to satisfy all human wants and needs.
A person or organization that uses economic services or commodities.
a measure of the benefit provided by a good or service to an economic agent
Survival like food and water
Used by economists to describe the measurement of "useful-ness" that a consumer obtains from any good.
What you could make
Resources
Everybody does what they have to do in the economy then the economic interest will grow
The value of the next-highest-valued alternative use of that resource
The cost of producing a good or service, including the cost of all resources used and the cost of not employing those resources in alternative uses.
Money business brings in
Private property, little or no govenrment control,self interest and competition
The use of goods and services by households
Often expressed as an opportunity cost, which is the most preferred possible alternative.
Desire to have
The goods or services available to individuals and businesses used to produce valuable consumer products.
Cannot be weighed or measure
what goods and services and how much of each to produce, how to produce, for whom to produce, and who owns and controls the factors of production
System which countries and governments distribute distribute resources and trade goods
Branch of knowledge concerned with production and transfer of wealth
Pure command
Tangible output of a process that has physical dimensions
Hands off government
Money left after you pay all your cost
Govenrment
Wealth of nations and the invisible hand theory
Wealth and resources of a country or region,terms of production and consumption
economy's finite resources are insufficient to satisfy all human wants and needs.
A person or organization that uses economic services or commodities.
a measure of the benefit provided by a good or service to an economic agent
Survival like food and water
Used by economists to describe the measurement of "useful-ness" that a consumer obtains from any good.
What you could make
Resources
Everybody does what they have to do in the economy then the economic interest will grow
The value of the next-highest-valued alternative use of that resource
The cost of producing a good or service, including the cost of all resources used and the cost of not employing those resources in alternative uses.
Money business brings in
Private property, little or no govenrment control,self interest and competition
The use of goods and services by households
Often expressed as an opportunity cost, which is the most preferred possible alternative.
Desire to have
The goods or services available to individuals and businesses used to produce valuable consumer products.
Cannot be weighed or measure
what goods and services and how much of each to produce, how to produce, for whom to produce, and who owns and controls the factors of production
System which countries and governments distribute distribute resources and trade goods
Branch of knowledge concerned with production and transfer of wealth
Pure market
Tangible output of a process that has physical dimensions
Hands off government
Money left after you pay all your cost
Govenrment
Wealth of nations and the invisible hand theory
Wealth and resources of a country or region,terms of production and consumption
economy's finite resources are insufficient to satisfy all human wants and needs.
A person or organization that uses economic services or commodities.
a measure of the benefit provided by a good or service to an economic agent
Survival like food and water
Used by economists to describe the measurement of "useful-ness" that a consumer obtains from any good.
What you could make
Resources
Everybody does what they have to do in the economy then the economic interest will grow
The value of the next-highest-valued alternative use of that resource
The cost of producing a good or service, including the cost of all resources used and the cost of not employing those resources in alternative uses.
Money business brings in
Private property, little or no govenrment control,self interest and competition
The use of goods and services by households
Often expressed as an opportunity cost, which is the most preferred possible alternative.
Desire to have
The goods or services available to individuals and businesses used to produce valuable consumer products.
Cannot be weighed or measure
what goods and services and how much of each to produce, how to produce, for whom to produce, and who owns and controls the factors of production
System which countries and governments distribute distribute resources and trade goods
Branch of knowledge concerned with production and transfer of wealth
Want
Tangible output of a process that has physical dimensions
Hands off government
Money left after you pay all your cost
Govenrment
Wealth of nations and the invisible hand theory
Wealth and resources of a country or region,terms of production and consumption
economy's finite resources are insufficient to satisfy all human wants and needs.
A person or organization that uses economic services or commodities.
a measure of the benefit provided by a good or service to an economic agent
Survival like food and water
Used by economists to describe the measurement of "useful-ness" that a consumer obtains from any good.
What you could make
Resources
Everybody does what they have to do in the economy then the economic interest will grow
The value of the next-highest-valued alternative use of that resource
The cost of producing a good or service, including the cost of all resources used and the cost of not employing those resources in alternative uses.
Money business brings in
Private property, little or no govenrment control,self interest and competition
The use of goods and services by households
Often expressed as an opportunity cost, which is the most preferred possible alternative.
Desire to have
The goods or services available to individuals and businesses used to produce valuable consumer products.
Cannot be weighed or measure
what goods and services and how much of each to produce, how to produce, for whom to produce, and who owns and controls the factors of production
System which countries and governments distribute distribute resources and trade goods
Branch of knowledge concerned with production and transfer of wealth
Need
Tangible output of a process that has physical dimensions
Hands off government
Money left after you pay all your cost
Govenrment
Wealth of nations and the invisible hand theory
Wealth and resources of a country or region,terms of production and consumption
economy's finite resources are insufficient to satisfy all human wants and needs.
A person or organization that uses economic services or commodities.
a measure of the benefit provided by a good or service to an economic agent
Survival like food and water
Used by economists to describe the measurement of "useful-ness" that a consumer obtains from any good.
What you could make
Resources
Everybody does what they have to do in the economy then the economic interest will grow
The value of the next-highest-valued alternative use of that resource
The cost of producing a good or service, including the cost of all resources used and the cost of not employing those resources in alternative uses.
Money business brings in
Private property, little or no govenrment control,self interest and competition
The use of goods and services by households
Often expressed as an opportunity cost, which is the most preferred possible alternative.
Desire to have
The goods or services available to individuals and businesses used to produce valuable consumer products.
Cannot be weighed or measure
what goods and services and how much of each to produce, how to produce, for whom to produce, and who owns and controls the factors of production
System which countries and governments distribute distribute resources and trade goods
Branch of knowledge concerned with production and transfer of wealth
Service
Tangible output of a process that has physical dimensions
Hands off government
Money left after you pay all your cost
Govenrment
Wealth of nations and the invisible hand theory
Wealth and resources of a country or region,terms of production and consumption
economy's finite resources are insufficient to satisfy all human wants and needs.
A person or organization that uses economic services or commodities.
a measure of the benefit provided by a good or service to an economic agent
Survival like food and water
Used by economists to describe the measurement of "useful-ness" that a consumer obtains from any good.
What you could make
Resources
Everybody does what they have to do in the economy then the economic interest will grow
The value of the next-highest-valued alternative use of that resource
The cost of producing a good or service, including the cost of all resources used and the cost of not employing those resources in alternative uses.
Money business brings in
Private property, little or no govenrment control,self interest and competition
The use of goods and services by households
Often expressed as an opportunity cost, which is the most preferred possible alternative.
Desire to have
The goods or services available to individuals and businesses used to produce valuable consumer products.
Cannot be weighed or measure
what goods and services and how much of each to produce, how to produce, for whom to produce, and who owns and controls the factors of production
System which countries and governments distribute distribute resources and trade goods
Branch of knowledge concerned with production and transfer of wealth
Good
Tangible output of a process that has physical dimensions
Hands off government
Money left after you pay all your cost
Govenrment
Wealth of nations and the invisible hand theory
Wealth and resources of a country or region,terms of production and consumption
economy's finite resources are insufficient to satisfy all human wants and needs.
A person or organization that uses economic services or commodities.
a measure of the benefit provided by a good or service to an economic agent
Survival like food and water
Used by economists to describe the measurement of "useful-ness" that a consumer obtains from any good.
What you could make
Resources
Everybody does what they have to do in the economy then the economic interest will grow
The value of the next-highest-valued alternative use of that resource
The cost of producing a good or service, including the cost of all resources used and the cost of not employing those resources in alternative uses.
Money business brings in
Private property, little or no govenrment control,self interest and competition
The use of goods and services by households
Often expressed as an opportunity cost, which is the most preferred possible alternative.
Desire to have
The goods or services available to individuals and businesses used to produce valuable consumer products.
Cannot be weighed or measure
what goods and services and how much of each to produce, how to produce, for whom to produce, and who owns and controls the factors of production
System which countries and governments distribute distribute resources and trade goods
Branch of knowledge concerned with production and transfer of wealth
Four basic economic questions
Tangible output of a process that has physical dimensions
Hands off government
Money left after you pay all your cost
Govenrment
Wealth of nations and the invisible hand theory
Wealth and resources of a country or region,terms of production and consumption
economy's finite resources are insufficient to satisfy all human wants and needs.
A person or organization that uses economic services or commodities.
a measure of the benefit provided by a good or service to an economic agent
Survival like food and water
Used by economists to describe the measurement of "useful-ness" that a consumer obtains from any good.
What you could make
Resources
Everybody does what they have to do in the economy then the economic interest will grow
The value of the next-highest-valued alternative use of that resource
The cost of producing a good or service, including the cost of all resources used and the cost of not employing those resources in alternative uses.
Money business brings in
Private property, little or no govenrment control,self interest and competition
The use of goods and services by households
Often expressed as an opportunity cost, which is the most preferred possible alternative.
Desire to have
The goods or services available to individuals and businesses used to produce valuable consumer products.
Cannot be weighed or measure
what goods and services and how much of each to produce, how to produce, for whom to produce, and who owns and controls the factors of production
System which countries and governments distribute distribute resources and trade goods
Branch of knowledge concerned with production and transfer of wealth
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