Advanced level economics

We'll all be dead in the long run, do we have kyneesians around please explain this

produce something with fewer resources than other producers would use to produce the same thing

Alternatives - Options among which to make choices.

Balance of trade - The part of a nation's balance of payments that deals with merchandise (or visible) imports or exports.

Bank, commercial - A financial institution accepts checking deposits, holds savings, sells traveler's checks and performs other financial services.

Barter - The direct trading of goods and services without the use of money.

Benefit - The gain received from voluntary exchange.

Bond - A certificate reflecting a firm's promise to pay the holder a periodic interest payment until the date of maturity and a fixed sum of money on the designated maturity date.

Business (firm) - Private profit-seeking organizations that use resources to produce goods and services.

Capital - All buildings, equipment and human skills used to produce goods and services.

Capital resources - Goods made by people and used to produce other goods and services. Examples include buildings, equipment, and machinery.

Choice - What someone must make when faced with two or more alternative uses of a resource (also called economic choice).

Circular flow of goods and services (or Circular flow of economic activity) - A model of an economy showing the interactions between households and business firms as they exchange goods and services and resources in markets.