terms
Supply unlimited wants with limited and scarce material resources
What is economics?
ppc stands for
What is the production possibility curve?
economy type with invisible hand.
What is free market?
this economy is all about competition.
what is free market?
business founder
what is entrepreneurship?
peoples wants are unlimited but resources are limited
What is scarcity?
when goods/ services produces are on the curve (ON THE LINE). resources are being used_____
What is efficiently/ fully?
in the circular flow model, what do households provide to the resource/factor market.
What is labor?
this economy is under strict govt control
What is command?
oven
What is capital?
What is opportunity cost?
marginal analysis suggests that an individual will consume one additional unit of a good if the...
What is marginal benefit greater than marginal cost?
economy can work quickly to accomplish specific goals.
What is a centrally planned economy?
This economy is based on customs
What is traditional?
cook
what is labor?
(good or service) lawyer writing a will
what is service?
An increase in technology makes the curve shift. (which direction)
What is right?
resource made by humans used for production of other goods/services.
What is capital?
This economy is a combination
What is mixed?
electricity
What is land?
laissez faire means.
What is hands off govt?
3 economic questions
What, How, For whom will a product be produced?
no such thing as free. Everything requires this....
What are trade-offs?
The US is a mixed economy of what.
What is Free market with some govt intervention?
Name the factors of production.