Vocabulary
This is the choice you give up when making a decision.
Opportunity cost
The interaction of supply and demand determines this
Price
This business involves two or more people taking on the risk and profit of the business.
Partnership
This economy makes decisions based on traditional or custom.
Traditional
This is is selection of an item or action from a set of possible alternatives.
Choice
When not all needs can be met at once
Scarcity
The amount of money exchanged for a good or service.
Price
This type of business is not at risk of failure when their leadership steps down.
Corporation
North Korea has this type of economy.
Command
This describes the using of goods and services
Consumption
These are the four types of resources.
Natural, capital, human, and entrepreneurship.
Lower prices for a good or service provide incentives for buyers to purchase more of that good or service increase what?
Supply
These are the three types of businesses.
Sole proprietorship, partnership, and corporations.
Consumer sovereignty, individual choice, and minimal government involvement are aspects of this type of economy.
Free market
How do interconnected economies benefit each other?
Trade
This combines human, natural, capital, and entrepreneurship resources to make goods or provide services
Production
This is the point where supply and demand meet.
This is a type of resource that brings resources such as capital and technology to businesses.
Entrepreneurship
Government regulations are important in this type of economy.
Mixed
Funneling money from savers to borrowers is the job of these.
Private financial institutions
This describes the interconnection between global economies.
Globalization
Consumers will buy more of a good or service at lower prices and less at higher prices is the law of this.
Law of demand
This business only has one person to take on the risk and benefits of the business.
Sole proprietorship
Consumer sovereignty, profit motive, competition, and private enterprise are aspects of this country’s economy.
The US
This is key factor in determining the type of economy a country has.
Extent of government involvement