Goods-anything you can buy or sell/clock, clothes Services-something someone does for another person/doctor, mechanic Need-things you need to live/shelter, clothes, food, water Want-something you would like to have/toys
Producer-someone who builds or creates something Consumer-someone who buys or uses something
4 Factors of Production: Land/Natural Resources-anything found in nature/trees, water Labor/Human Resources-humans who do a job/cashier, nurse Capital-resources that are man made and the money used to invest/desk, tools Entrepreneurship-a person who takes a risk, has drive, and starts their own business
Opportunity cost: What you give up when you choose to use capital for something else