HASS definitions Flashcards
supply
the amount of product a producer is willing to sell at a given price
demand
the amount of a product a consumer is willing to buy at a given price
services
the actions that are done for you by others that are meant for satisfying needs and wants
goods
physical items that can be bought and touched
product market
where goods and services are sold
resource market
households sell resources to businesses
land
any resource used from the earth
labour
people providing work to businesses
capital
money, tools and machinery that businesses have
entrepreneurship
the person who synchronizes land, labour and capital in a business
distribution
the process of giving things out to several people or spreading or supplying something
market
a physical or nonphysical place where goods and services and bought and sold
allocation
the process of deciding how much of a product or service is shared
