Level 1
Distribute for a particular purpose
Allocate
the condition in which economic resources are being used to produce the maximum amount of goods and services.
Scarcity
A model that demonstrates how many flows through society
Circular Flow Model
the activity or condition of competing
Competiton
Free
A person who buys goods and services for personal use.
Consumer
the combination of vision, skill, ingenuity, and willingness to take risks that is needed to create and run new businesses
Entrepreneurship
the economic marketplace where final goods or services are traded
Product Market
transfer (a business, industry, or service) from public to private ownership and control.
Privatize
Stability is the state of being.....
Stable
A person who makes goods or provides services.
Producer
the economic resources needed to produce goods and services
Factors of Production
a system that relies on customs, history, and time-honored beliefs
Tradational Economy
a political and economic theory of social organization which advocates that the means of production, distribution, and exchange should be owned or regulated by the community as a whole.
Socialism
Equity is the quality of being.....
Fair or Impartial
anything found in nature that could be used for producing goods and services
Resource
the dependence of two or more people or things on each other
Interdependence
an economic interdependence established between the most influential countries that drives the worldwide economic environment. It is also the aggregate economic output, movement and influence of all countries.
Global Economy
Essentially anyone or anything other than the government. Private property may consist of real estate, buildings, objects, intellectual property
Private Property Rights
What is Voluntary Exchange?
type of transaction where two parties freely trade goods or services.
tries to anticipate the wants of consumers and then satisfy these wants in new ways and is willing to take risks
Entrepreneur
the wealth and resources of a country or region, especially in terms of the production and consumption of goods and services.
Economy
a term economists use for all of the resources that businesses use to purchase, rent, or hire what they need in order to produce goods or services
Factor Market
transfer (a major branch of industry or commerce) from private to state ownership or control.
Nationalize
French phrase meaning "leave things alone."