Scarcity
An essential for survival like food and medical care.
What is a need?
The system that combines market and government.
What is Mixed?
A student is skilled at baking cupcakes.
What is specialization?
The exchange of goods and services between people, businesses, or countries.
What is trade?
A person or business that makes or sells goods and services.
What is a producer?
Actions that one person preforms for another.
What is Service?
An economic system based on customs and traditional
What is Traditional?
What is specialization
A person who buys and uses goods or services.
What is Consumer?
The ability to produce a good or service at a lower opportunity cost than another producer.
What is comparative advantage?
Resources are limited but demand is not.
What is Scarcity?
An economic system that focus on supply and demand.
What is market?
Human made resources that are used to produce goods.
What is Capital?
A decision made when selecting between options.
The study of how individual people and businesses make decisions about using limited resources.
What is Microeconomics?
The physical objects that someone produces.
What are goods?
An economic system were the government control prices and distribution.
What is Command?
The money you received after expenses.
The next best alternative of what you give up.
What is Opportunity Cost.
To comparing the costs and benefits of a decision to determine the best choice.
What is cost benefit analysis?
The factors of production.
What is land, labor and capital?
The US allow businesses operates freely but regulates healthcare.
What is Mixed?
The reward or penalty that influences decisions.
What is Incentives?
What is Worker?
Two countries trade cars for oil.
What is comparative advantage?