1
The tools, equipment, and buildings that are used to produce goods and services
2
Raw materials supplies by nature
3
What is given up when a choice is made
4
People who work to produce goods and services
5
the using of goods and services. Consumer preferences and price determine what is purchased and consumed.
6
the combining of human, natural, capital, and entrepreneurship resources to make goods or provide services. Resources available and consumer preferences determine what is produced.
7
factors of production that are used in the production of goods and services. Types of resources are natural, human, capital, and entrepreneurship.
8
the inability to satisfy all wants at the same time. All resources and goods are limited. This requires that choices be made.
9
Something done to benefit someone else that is intangible (ex. bus driver droves students to school, provides service of transportation)
10
tangible items that result from production, such as books, cars, pants, and shovels.
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