basic economics
the study of how peoplemake choices about limtes resources
what is economics
giving up one thing to get another
whats a tradeoff
an economic system based off costums and tradtions
what is a tradtinal economy
the accumulation of vauleble resources assets and money
what is wealth
a business owned by two or more people
what is partnership
goods and services necessary for survial
what are needs
the value of the next best alterative you give up
what is opportunity cost
an economic system where the goverment makes major econmic descions
what is a command economy
the famous paradox that compares dimoads and water
what is the dimoand water parodox
a business owned by one person
what is sole proprietorship
things people desire but cant live without
what are wants
economists often say people should think at the _____ when making desicions
what is the margin
an economic system where buyers and seller make most decsions
what is market econmy
People save money for this type of unexpected expense
what is an emergency
this document outlines the rules and responbilites of partners
what are articles of partnership
the branch of economics that studies individual consumers and businesses
what is mircoeconomics
a student coheses to work a shift insted of goin to the moives the movies are this
what is the next best altertive
the economic system used by the unites states
what is mixed econmy
one reason people save money for the futre
what is retirment
one advantge of sole proprietorship
what is complte control
the branch of ecomics that studys the econmy as a whole
what is macroeconomics
econmist compare the extra cost and extra benfits if a chocie using this thinking
what is thinking on the margin
in this econmic system prices and mainly detrmined by supply and demand rather than the goverment
what is a free market economy
setting asaide part of your income regulary is called this
what is saving
one disadvantge of sole proprietorship
what is unlimted liablity