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Basic Economic Terms

Basic Economic Terms

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the willingness and ability to produce and sell a product
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the desire for a product, and the ability to pay for it
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financial gain from selling a product
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human time, effort, and talent used to produce goods and services
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a country's collective wealth or its means of producing wealth
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value that is given up when choosing an alternative
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the alternative someone gives up when making a choice
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not enough resources to meet human wants
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shares of ownership in a company
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the possibility for loss on an investment
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a business owned and controlled by one person
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a business owned by stockholders with limited responsibilities
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a company co-owned by two or more people who share the responsibilities
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economic system based on private ownership of resources
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physical objects, such as food and clothing, that can be purchased
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work done for someone else for payment
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things (such as food, water, and shelter) that are necessary for survival
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desires satisfied by consuming a good or service
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