good or service that is both useful and scarce and therefore has a price
a decrease in per-unit cost as a result of an increase in output
one of the factors of production, also called „natural resources“ being the gifts of nature in the form of useful materials of all kinds in or on the earth, including surface space, soil, rocks, minerals, water, winds and weather
the study of how people use their limited resources to satisfy unlimited wants
1. the quality in a buseneesman to organize, innovate, bear risks and make nonroutine decisions, 2. an industrial or commercial organization, 3. an economic system which allows a degree of freedom to private businessmen
things which are the starting point for manufacturing processes
a commodity that has no price because it is not scarce nad does not require the use of scarce factors of production to create them, e.g. fresh air, sunshine (in certain parts of the world)
money received by a firm from the sale of goods and services
the factors of production that are put into a business to produce its output
a thing provided by nature or accumulated by man that can be used as means of satistying wants
a continual rise in the average level of prices
lack of available resources to satisfy all desired uses of those resources
in the business cycle, a very high peak representing a big jump in output
the cost of a choice stated in terms of the value of other goods or services that must be given up
1. work, esp. Human work needing the use of strength of body or skill and effort of mind, 2. the whole class of persons who work for their living, 3. one of the main factors of production, the human energy and mental skill and judgement applied in producing economic goods
human-made resources (buildings, machinery, and equipment) used to produce goods and services
an organized system of the production, distribution and consumption of wealth
the quality in a buseneesman to organize, innovate, bear risks and make nonroutine decisions (see Enterprise 1)
a resource whose availability cannot satisfy all its desired uses
necessity to give up one thing in order to obtain something else (a balance between opposing things, compromise)
the amount of money paid or needed for buying, doing or producing someth.