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Economics for Everybody #1

Primarily a study of man's choices
One who brings a good or service into the marketplace.
The one who is served by the entrepreneur.
The root of all wealth production
Keeps prices low and encourages product improvement
Similar values of lots of people who desire and are able to make an exchange.
No one is being coerced by anyone else in their trade.
One who manages the property for the owner's benefit and good
Things used to create other things ($, tools, machinery)
Those who have a product and are able to sell.
The way we judge the worth of things.
Limitations to the things available at any one time.
An expression of the desire of the producer to sell something and the consumer to buy something
Objects used to increase productivity
Ex: food, clothes, cars. Consumables
Where supply and demand meet
A medium of exchange
Workers specializing in what they're best at producing
Exchange that benefits both people.
"bad money drives out good"
What is left over after costs of bringing a product to market.
Author of "Wealth of Nations"
The energy we expend doing productive activity.
Used by civil gov't to enforce the rule of law and to punish evildoers
Taking over government to exploit others