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Basic Economics

When quantity demanded of a good is greater than quantity supplied of the same good
Goods that are produced elsewhere and brought into the country
As the price of a good and the quantity supplied of the good are in a direct relationship
The amount of money left over after costs of production have been paid
The most highly valued alternative forfeited when a choice is made
The desire and ability to bring a good or service to market
Economic system based on choice and private property
A good that can be touched
The book that formally introduces the concept of capitalism to the world
Something that is vital to maintain life
The relationship that exists between different sectors in the economy
Something that encourages or motivates a person to take action
The way in which a society decides what goods to produce, how to produce them, and for whom the goods will be produced.
The quality of bringing satisfaction or happiness
Any natural resource/a factor of production
Trading good and services
An explanation of how something works
Goods that are produced domestically and shipped elsewhere
In economics : additional
A means for deciding who gets what portion of an available resource or good
The talent for seeing an opportunity and organizing the factors of production
The basic condition of not enough of a resource for everyone to have as much as they want at a zero price
When the quantity supplied of a good is greater than the quantity demanded of the same good
Not able to be felt by touch
The price of a good and quantity demanded of the same good are in and inverse relationship
Consumer goods that are purchased together
The desire and ability to purchase a good or service
The graphical representation of the law of demand
Consumer goods that are purchased in place of each other
The most important market force
The physical and mental talents used in the production of a good or service
A good or service that is desired