to trade by exchange of commodities rather than by the use of money.
What is a barter?
100
machines and tools used in the production of other goods
What is Capital good?
100
Actions that can be satisfied as wants or needs.
What is a service?
100
Advance in Knowledge leading to new and improved goods and services and better ways of producing them.
What is Technology?
100
Tangible object that can satisfy peoples wants or needs.
What is a good?
200
A forest, a Mineral, a deposit.
What is a natural resource?
200
a specialist in economics.
Who is an Economist?
200
What something is worth in money.
What is Value?
200
a person who creates economic value, or produces goods and services.
What is a producer?
200
to part with in return for some equivalent; transfer for a recompense; barter.
What is an exchange?
300
The amount of output that results from a given level of inputs.
What is Productivity?
300
Person who organizes, manages, and assumes the risks of a business in order to gain profits.
What is an Entrepreneur?
300
Any person or group that uses goods and services to satisfy personal needs and wants.
What is a Consumer?
300
Breaking down of a job into small tasks performed by different workers.
What is Division of labor?
300
Resources of land,labor, and capital used to produce goods and services.
What are Factors of production?
400
people, especially the personnel employed by a given company, institution, or the like.
What is Human resources?
400
The study of how individuals and society's make choices about ways to use scarce resources to full fill their wants.
What is Economics?
400
Value of the next best alternative given up for the alternative that was chosen.
What is Opportunity Cost?
400
Condition of not being to have all of the goods and services one wants, because wants exceed what can be made from all available resources at any given time.
What is Scarcity?
400
Sacrificing one good or service to purchase or produce another.
What is a Trade-off?
500
The branch of economic theory dealing with the economy as a whole and decision making by large units such as governments.
What is Macroeconomics?
500
Receipt of money either directly or indirectly to buy goods and services in the present with the promise to pay for them in the future.
What is Credit?
500
The ability of any good or service to satisfy consumer wants, the amount of satisfaction one gets from a good or service.
What is Utility?
500
anything used as a medium of exchange, a unit of accounting, and of accounting, and a means of value.
What is Money?
500
The branch of economic theory that deals with behavior and decision making by small units such as individuals and firms.