What is the term used for Equipment and Factories used in the production of goods and services

Economic system where the factors of production are privately owned

One who buys goods or services for personal use

Paper money and coins that make up the money supply of a nation

Amount of a good or service that consumers are willing and able to buy at a given price at a give time

Separating tasks in the process of production; assigning different tasks to different workers

Social science dealing with the production, distribution, and consumption of goods and services

Person who takes the risk of a new business enterprise

Determined by the intersection of the supply and demand curves on a graph

That part of the economy where labor and resources are sold

Land, labor, capital, and entrepreneurship

A cost that does not change from month to month; a predictable part of an individual or business budget

total value of all the goods and services produced within a country in a given year

A rise in the general level of prices

Study of an economy as a whole

When one company controls the market for a certain product; no competition

The value lost when one alternative is chosen over another

The point in a business cycle when production, employment, and wages are at their highest

The difference between revenue received and the cost of production

A share of ownership in a corporation

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