produce goods/services and choose which goods to make and how to make them. 

whatever is widely accepted as a method of payment

are goods and services that are bought by individuals and used to provide personal enjoyment and contribute to a person’s standard of living

is the human resource that organizes labor, land, and capital.

something that is non-essential for life

something used as money, but which has no intrinsic value besides that

is the opportunity cost of a one-unit increase in an activity

A _____ is any arrangement that brings buyers and sellers together and enables them to get information and do business with each other.

the expansion of international trade and the production of components and services by firms in other countries – has been going on for centuries. 

is the income needed for a basic standard of living.