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Naturally occurring resources -
Resources such as tools, machinery, and money used in the production process -
People who proved the labor in exchange for income -
The inability to satisfy all wants at the same time -
Someone who provides a good or service is a -
Someone who purchases goods and services -
Consumers determine through purchases what goods and services will be produced is -
This forces producers to produce better quality goods and services -
Used by sellers to motivate consumers to make different choices -
What is given up whenever a choice is made - the next best alternative is called -
What is determined by the interaction of supply and demand?
The point where supply and demand meet is called -
law of demand
law of supply