vocabulary
limited resources; people cannot have everything they need and want
what is scarcity
trees and mineral deposits
what are natural resources
products countries buy from other countries
what is imports
people who do the work to produce goods and provide services
what is human resources
all of the things that go into making goods and providing services
what are inputs
countries buying products from and selling products to each other
what is international trade
coal, oil, natural gas
what are nonrenewable resources
products countries sell to other countries
what is exports
human resources that produce goods and provide services
what are producers
market force that influences how much of a good will be produced
what is supply and demand
the best option that is given up whenever a choice is made
what is opportunity cost
tractors, computers, lights, dishes
what are capital resources
product made in-country
what is domestic good
people who buy and use the goods and services
what are consumers
how much of something is for sale
what is supply
proportion of imports and exports
what is balance of trade
with proper management some natural resources such as water and tress that can be replenished
what are renewable resources
product imported from another country
what is foreign good
a place where people buy and sell products and services
what is a market
how much of an item consumers want to buy and are willing to pay for it
what is demand
the study of how people allocate limited resources and use them to satisfy their needs
what is economics
some of these resources come from natural resources and include: farmland, animals, seeds
what are capital resources
tax on imports and exports
what is a tariff
manufactured items that go into the making of other products
what is intermediate goods
as the price of a good increases, consumers buy less, and as the price decreases, consumers will buy more
what is the law of supply and demand