MONEY
Another word for money
Currency
Natural, Human and Productive
Types of resources
Price people are willing to pay
Market Price
Tangible things that satisfy wants and needs
Goods
Persistent increase in all prices over a period of time
Inflation
Able to withstand wear and tear
Durable
Building, Tools, equipment
Capital Resources
Income before costs are taken out
Revenues
Not enough of something to supply everyone's needs and wants
Scarcity
The price of an average basket of goods purchased by households
Consumer Price Index
Able to be split
Divisable
Those things that consumers will purchase
Goods and Services
All money that goes into making a product
Costs
The process of becoming very good at one task
Specialization
Accelerated inflation causing the collapse of currency
Hyper Inflation
Able to be transported easily
Portable
Oil, trees,land etc
Natural Resources
Total Revenues minus costs
Profit
The most valuable alternative given up to choose something else
Opportunity Cost
The measure of a the economy of a country
Based on the value of goods and services produced in a year
Gross Domestic Product
Exchange without money
Barter
A producer who takes risks to supply goods or services
Entrepreneur
The quantity of something producers want to sell and the quantity consumers want to buy
Supply and Demand
The buyer of a good or servive
Consumer
The name referring to goods or services selling for more than they are worth
Bubble