Vocabulary
The study of how people seek to satisfy their needs and wants by making choices.
What is Economics?
The study of Economics begins with the idea that people cannot have everything they ________ and _________.
Which economic system relies on custom or rituals to answer the 3 economic systems?
What is traditional economy?
An arrangement that allows buyers and sellers to exchange things.
What is a market?
The concept that people have the right and privilege to control their possessions as they wish is called __________________.
What is private property?
What is a shortage?
It is difficult to meet unlimited wants, because all of the goods and services produced are ___________.
What is scarce?
A nation's economy must grow to improve it's _________ ____ ________.
What is standard of living?
In a ________ market, firms purchase or rent land. They hire workers and pay them wages for their labor.
The concept that everyone can compete in the marketplace is called__________.
What is open opportunity?
The knowledge and skills gained through education and experience.
What is Human Capital?
The resources that are used to make goods and services are called the____________. They are __________,_________, and __________. ______________ put them together to create businesses.
What is Factors of Production?
What is land, labor, and Capital?
What is entrepreneurs?
In this economic system, economic decisions are made by individuals based on trade.
What is a market economy?
Goods and services are purchased by households in a ________ market.
The fundamental purpose of the free enterprise system is to give consumers the freedom to _________ _______ ______ _______ _________.
What is underutilization?
These are created when we give up one alternative for the other.
This should be provided by the government for people who are experiencing unfavorable economic conditions.
What is safety net?
The power that consumers have to decide what gets produced is called ______________
What is consumer sovereignty?
How is the American Free Enterprise System operated?
Laws requiring companies to provide full information about their products is called ________________.
What is Public Disclosure Laws?
From an economist's point of view, when you decide how much more or less to do, you are _________ ____ ______ ______.
What is thinking at the margin?
If society can accurately assess what to produce, it increases its __________ __________.
What is economic efficiency?
The concentration of the productive efforts of individuals and firms on a limited number of activities is _______________
What is specialization?
Who regulates industries whose goods and services affect the well-being of the public?
What is federal and state agencies?