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10 Cards in this Set
- Front
- Back
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the exchange of one thing for another, expecially giving up one benefit for another
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trade-offs
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the manufacturing of goods, or the creation of services, having exchangeable value
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production
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the system of production, exchange, distribuation, and consumption of goods/services
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the economy
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naturally-occuring goods such as water soil, air,etc. that are used to create products
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land
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being mutally dependent, or depending on each other, for something
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interdependence
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the risktakers and decision-makers in an economy
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entrepreneurs
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the branch of social science that deals with production and consumption
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economics
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the human effort used in production
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labor
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the using up of goods and services having an exchangeable value
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consumption
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the human made goods used in the productions of other goods
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capital
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