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11 Cards in this Set
- Front
- Back
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surplus
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more than what is needed
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demand
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desire and ability to buy
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trade
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exchange of goods
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canals
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waterways dug across land
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services
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work done for others
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productive resources
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resources used to make goods and services
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land
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ground or soil used as property; natural resources
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labor
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the time and effort put into producing goods and services; work
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capital
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money, equipment, and buildings needed to produce other goods and services
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entrepreneurship
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the organization of productive resources by a person willing to take risks to start a business
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opportunity cost
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what you reject, or give up, when you choose one thing instead of another
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