capital - wealth in the form of money or assets, used or accumulated in business by a person, partnership, or corporation., consumer - An individual who purchases goods and services for personal use, entrepreneur - A person who organizes and operates a business, taking on financial risks to do so., import - efers to bringing goods or services into a country from abroad for sale, export - involves sending goods or services to another country for sale, global market - the international economy where goods, services, and financial resources are traded across borders, goods - physical items that can be purchased, such as food, clothing, and appliances, profit - the financial gain made in a transaction, calculated as the difference between the amount earned and the amount spent in buying, operating, or producing something, capital resources - man-made items used to produce goods and services, human resources - refer to the labor force, natural resources - materials or substances that occur in nature, renewable resources - natural resources that can be replenished over time, such as solar energy, wind, and timber, scarcity - the limited nature of society's resources, given people's unlimited wants and needs, supply and demand - economic model describing the relationship between the availability of a good and the desire of consumers for it, affecting its price, personal finance - the management of an individual's or family's financial activities, including budgeting, saving, and investing, budget - a plan for making and spending money, detailing income and expenditure over a specified period, credit - the ability to borrow money or access goods or services with the understanding of future payment, opportunity cost - the potential benefits an individual, investor, or business misses out on when choosing one alternative over another, savings - money that is set aside for future use rather than spent immediately, surplus - an amount of something left over when requirements have been met; an excess of production or supply over demand, wages - payment received by an employee for their labor, usually expressed as an hourly, daily, or weekly amount, wants - desires for goods and services we would like to have but do not need, needs - essentials required for survival, such as food, clothing, and shelter, human capital - the skills, knowledge, and experience possessed by an individual or population, viewed in terms of their value or cost to an organization or community,

Introduction to Economics: Unit Definitions

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