Russell's Review

Human made goods (equipment, tools, trucks) that people use to produce other goods and services are called

• Capital Resources

• Natural Resources

• Human Resources

• Entrepreneur

The person who starts, organizes and manages a business is called

• an entrepreneur
• a consumer
• a logger
• a producer

What motivates a business to set its price at the point where it will make the most money? It is also the money left over after costs of producing goods and services are paid.

• Profit
• Scarcity
• Competition
• Credit

Trading something for something else - no currency involved

• demand
• barter
• goods
• market

The idea that resources are limited; we don't have an unlimited supply of what we want

• scarcity
• supply
• demand
• inflation

When a country concentrates on producing whatever they make best

• focusization

• specialization

• demand

• supply

Goods from foreign countries brought into a country for use or sale

• imports

• exports

• producers

• consumers

Goods and services sold by producers in one country to buyers in other countries.

• imports

• exports

• supply

• demand

The rivalry among sellers who produce the same good or provide the same service

• scarcity

• supply

• demand

• competition

The exchange of goods and/or services

• imports

• exports

• trade

• competition