What is the inability to satisfy all wants at the same time.
100
Production
What is the combining of human, natural, capital, and entrepreneurship resources to make goods or provide services.
100
Traditional economy
Based on custom & historical precedent
Performing same type of work as parents/grandparents
100
Market
Operate without interference from government.
200
Human Resources
What are people who work to do a job?
200
Choice
What is selecting an item or action from a set of possible alternatives.
200
Economy
What is a system used to buy or sell goods and services?
200
Free market
What is private ownership; profit motive; competition;consumer sovereignty;individual choice& minimal govt involvement
200
Private property
What is right to own real and personal property without interference from the government.
300
Capital Resources
What is money invested in business; also property or equipment
300
Opportunity cost
What is given up when a choice is made - the highest valued alternative forgone.
300
Consumption
What is the use of goods and services?
300
Command economy
What is central ownership; centrally planned economy; lack of consumer choice.
300
Profit
What is earnings after all expenses have been paid.
400
Entrepreneurship
What is a person who starts a new business using resources?
400
Incentives
What are things that incite or motivate.
400
Price
What is the amount of money exchanged for a good or service.
400
Mixed economy
What is owners/decision makers for private sector; govt is owner and decision maker for public sector; governments role greater in free market but less in command economy; most economies today including US is mixed economy.
400
Competition
What is rivalry between producers/sellers of a good or service.
500
Resources
What are used for the production of goods and services?
500
Supply and demand
What determines price?
500
Profit
What consists of earnings after all expenses have been paid.
500
Three basic questions of economics
What will be produced?
Who will produce it?
For whom will it be produced?
500
Consumer sovereignty
What is consumers determining through purchases what good/services will be produced.