Mini Society Vocab

5. are goods and service produce in one nation but sold to buyers in another.
7. is the exchange of goods and service between people and institutional in different nations
9. are goods and service bought from sellers in another nation
11. occurs whenever someone makes a personal decision to use limited resources.
12. is the study of how people use resources to produce and distribute goods and service.
14. represents the quantity and quality of human efforts directed towards producing goods and service.
15. are objects that can satisfied people’s wants
16. is the trading of goods and service with people for other goods and service for money.
17. is the schedule of how much consumers are willing and able to buy at all possible prices in a given period of time.

1. refers to the human resources that assume the risk of organizing other resources to produce goods and service.
2. are goods made by people and used to produce other goods.
3. is an increase in the average price level of goods band service.
4. exists whenever buyers or sellers exchange goods and service
6. is the direct trading of goods and service
8. is the institutional framework that a society uses to allocate its resources to produce and distribute goods and service
10. Are desired that can be satisfied by consuming a good or service.
13. are peoples whose wants are satisfied by using goods and service