Limited quantities of resources to meet unlimited wants.
Resources that are used to make ALL goods and services.
Food, air, and shelter and attention we desire.
The most desirable alternative given up as the result of a decision.
An alternative we sacrifice when we make a decision.
Natural resources that are used to make goods
The effort that a person devotes to a task for which that person is paid.
Any human-made resource that is used to produce other goods and services.
The process of designing, launching, and running a new business.
use an economy's resources.
Satisfaction or utility that a person receives from consuming an additional unit of a good or service.
The cost of producing one more unit of a good.
The concentration of the productive efforts of individuals and firms on a limited number of activities.
elimination of government power in a particular industry, usually enacted to create more competition within the industry.
the state or quality of producing something, especially crops.
Situation in which allocation of goods and service is not efficient
theoretical socially-enforced constructs in economics for determining how a resource or economic good is used and owned.
service that is provided without profit to all members of a society, either by the government or a private individual or organization
product that must be purchased to be consumed, and its consumption by one individual prevents another individual from consuming it.
Where the government, rather than the free market, determines what goods should be produced
economic system consisting of a mixture of either markets and economic planning, public ownership and private ownership, or free markets and economic interventionism.
The way a society organizes to produce, distribute, and consume goods and services.
Tradition determines how a society is organized to produce, distribute, and consume goods/services.
Individuals make most of the major decisions about production and distribution of goods and services
A central authority makes most of the major decisions about production and distribution of goods and services
Economic decisions are made by individuals, businesses, and government.
The worth of a good or service that is determined by the total cost of economic resources that went in to producing and providing a good or service.
The amount of a resource, good, or service sellers are willing to sell at possible prices.
How much people want of a good or service at a certain price at a certain time.
People have desires that can be satisfied with goods or services
Human, natural, and capital resources used to produce a good or service.
Wants are unlimited and resources are limited.
Goods and services are produced in better quality, quantity, and speed when someones focuses on one particular task.
People, businesses, and nations depend on others to produce their goods.
Any place that allows buyers and sellers to trade goods and services
Something that is used to buy and sell goods or services.
Economic system based on private ownership of the means of operation for profit
Economic system in which the central government makes all decisions on the production and consumption of goods and services
The struggle among producers for the dollar of consumers, the rivalry Long sellers to attract consumers while lowering the cost
Person or over not Seshan that uses economic services f person or over notation that uses economic services or commoditives
Goods that are ultimate rather than use in production of another good
The removal of some government controls over at market
Economic systemsThe method used by S a society to produce and distribute goods and services
Using resources in such a way as to Max the production of goods and services
The power of the government to take private property and convert it to public use
Concept or idea of fairness in economics
Freedom to prosper within a country without the intervention from the government or the economic author
Increase the amount of the population over period of time
The act of redirecting resources from being consumed today so that they may create benefits in the future, the use of assets to earn the income or profit
Economic systems in which decisions on production and consumption of goods and services are based on voluntary exchange and markets
Entitlement program that benefits low income families, some people with disabilities and elderly people in nursing homes
National health insurance program that helps pay for health care for people over the age of 65, or who have certain disabilities
Economic system that combines the free market with very limited government
The cost that is suffered by a third-party as a result of an economic transaction
License that gives a inventor of a new product the exclusive right to sell it for a certain period of time
Occurs when the consumption of the production of a good calls a benefit to a third-party
The sale or transfer of state owned businesses to an individual
Value of an output produced
The force that encourage people and organizations to improve their material well-being
Right theoretical search showing in force constructs in the economics for determining how a resource or economic good is used and owned
Programs and Stabley S-t by the US government to provide housing for low income families, disabled people, and the elderly
The business of supplying a common the or ser The business of supplying a commodity or service. Service rendered in public interesr
Financial instrument that represents an ownership of possession in a publicly Financial instrument that represents an ownership of possession in a publicly trade corporation, I created your relationship with the government body, right to ownership as a representative
when something is both desirable and limited
Studies the behavior of individuals within economy
Decides what is brought and sold based on what is trending
A certain amount of product out of a given input
When an individual/ country can produce at a lower opportunity cost than another
A certain amount of input to get a given product
When an individual/ country can produce more than another using the same amount of resources
least costly production techniques are used to produce wanted goods and services
Illustrates the possible combinations of goods and services that can be produced by a single nation, firms, etc.
The evaluation of an economy to determine if the system is meeting most if not all of our needs
Made so that the marginal benefit is greater than the marginal cost
When firms buy productive resources from household
Moving from a command economy to a free/ mixed economy
Both command and market; governments makes decision
Individual producers and consumers determine what and how things are made
occurs when individual workers focus on single tasks, enabling each worker to become more efficient and productive
the worker, firm, region, or country with the lowest opportunity cost of producing an output should specialize in that output
the ability to make something using fewer resources than other producers require
the laws, customs, manners, conventions, and other institutional underpinnings that encourage people to pursue productive activity
an expansion of the economy's production possibilities, or ability to produce
each additional increment of one good requires the economy to give up successively larger increments of the other good
producing the maximum possible output from available resources, meaning the economy cannot produce more of one good without producing less of the other good
an economic system shaped largely by custom or religion production possibilities frontier- shows the possible combinations of two types of goods that can be produced when available resources are employed efficiently
an economic system in the process of shifting from central planning to competitive markets
describes the U.S. economic system, where markets play a relatively large role
an economic system that mixes central planning with competitive markets
an economic system in which all resources are government-owned and all production is directed by the central plans of government
an economic system with no government so that private firms account for all production
the set of mechanisms and institutions that resolves the what, how, and for whom questions for an economy
the doctrine that states that government generally should not intervene in the marketplace "let them do as they please"
property owned by individuals or companies, not by the government or the people as a whole
an economic system characterized by private or corporate ownership of capital goods; investments that are determined by private decision rather than by state control; and determined in a free market
to sell state-run firms to idividuals
large farm leased from the state to groups of peasant farmers
requiring strict obedience to an authority, such as a dictator
a political system characterized by a centrally planned economy with all economic and political power resting in the hands of the central government
a social and political philosophy based on the belief that democratic means should be used to evenly distribute wealth throughout a society
the powers of the consumers to decide what gets produced
term economists use to describe the self-regulating nature of the marketplace
the struggle among producers for the dollars of consumers
an expectation that encourages people to behave in a certain way
Decisions by an individual about what to do and what not to do
Anything that can be used to produce something else
What you have to give up in order to get what you want
When you compare the costs with the benefits of doing something
Decisions based on the additional benefit versus the additional cost
An economic situation when no individual would be better off doing something different
When everyone gets his or her fair share
If the opportunity cost of producing the good is lower for that individual than for other people
When an individual can do an activity better than other people
A form of trade when people directly exchange goods or services that they have for goods or services that they want
Trade which parties trade.
Benefit gained from using a good service
Choice made by one party that gives problems to another party.
Cost of using a unit of service.
The production of goods.
Shortage of resources.
Natural resources on or underground.
Human time and effort making products.
Desires satisfied by consuming goods.
Things like food, clothing, and shelter.
All resources made and used by people to distribute goods.
Alternative that you give up during economic choice.
Benefits offers to make people act a certain way.
Study how people use resources.
Person who makes goods.
Person who buys goods.
Decision is the value of best next alternative.
condition that results from not having enough resources to produce all the things we would like to have
The study of how people try to satisfy seemingly unlimited and competing needs and wants.
a basic requirement for survival
something we would like to have
tangible economic product
work performed for someone
land, labor, capital, and entrepreneurs
the value of the next best alternative given up
consumer rights were part of the a movement called
sum of people's skills, abilities,health, and motiviation
learning a task very well
where all of the factors of production are bought and sold
market in which goods and services are bought and sold
A series of economic expansion and contractions.
Human made items that are used to produce goods
A socialist or communist economy in which the government controls the goods and distribution of goods
Based on the one party rule.
A measure of the change in cost of the goods and services most commonly bought by consumers
A deep and long lasting contradiction; creates unemployment
An official ban on trade or other commercial activity with a certain country
The private ownership of the means of production, free markets, and the right of individuals to make most economic decisions
The market value of all the goods and services produced in a nation within a specific time period.
The use of government spending to encourage economic activity through increasing the demand for goods
A policy where the government cannot not interfere in business matters
The belief by the of a society that something is proper and has the consent of the governed
The amount of money that employers may legally pay their employees
A situation in which any one seller controls production and supply or pricing of a product
The money owed by a national government
The government owns and controls capital and also sets prices.
The capital raised by a business through subscription of a piece of a corporation bought by the consumer
Where stocks and bonds are traded
A work stoppage by employees in order to gain better benefits
Government policies designed to stimulate the production of goods.
The number of people who are out of work possibly due to a depression
Income paid by the government to people who need the money to live
The government has no control of natural resources and capital goods
The level of wealth, comfort and material goods
The relationship between the output of goods and services and the input of resources
an economic system in which individuals are free to compete and earn a living
an economic system in which buyers and sellers are free to exchange goods and services
a desire to make a profit
when you put money into a business
The exclusive right granted by law, to publish or sell a written, musical, or artistic work
Gives a person the exclusive right to make and sell an invention
law that states businesses will provide more products when they can sell them at higher prices
law that states buyers will demand more products when they can buy them at lower prices
Money invested in buildings, machines, and other property used to produce goods
Businesses owned by one person
organizations that provide goods and services without seeking a profit
Businesses where two or more people share responsibilities
Corperation profits paid to stockholders
Another form of business organization
people who buy corporate stocks
money a person pays to use something
Total amount of money made after deductions
total amount of money made before deductions
human effort used to produce goods and services
The amount of work produced by a worker per hour
The decision makers of a business
An economic system based on private ownership of the meens of production
Companies that control all production of a good or service
this occurs when two or more companies combine to form one company
A form of business organization in which several companies create a board of trustees so they no longer compete with eachother
An economic system that combines elements of free and command economies
production is based on customs and traditions usually passed down
government owns almost all of the capital, tools, and equipment
the force that encourages people and organizations to improve their material well being
The concept that everyone can compete in the marketplace
The concept of giving everyone the same legal rights
The concept that people have the right and privilege to control their possessions as they wish
this allows people to decide what agreements they want to enter into
This allows people to decide what and when they want to buy and sell, rather than forcing them to buy or sell at certain times or prices
The rivalry among sellers to attract customers while lowering costs
A private organization that tries to persuade public officials to act or vote according to the interest of the group's members
requires companies to give consumers important information about their products
The concerns of the public as a whole
The study of the behavior and decision making of entire economics
the studyof the economic behavior and decision making of small units such as individuals, families and businesses
This part of the economy involves the transactions of the government
The part of the economy that involves the transactions of individuals and businesses
The total value of all final goods and sevices produced in a particular economy
a period of macroeconomic expansion followed by a period of contractioon, or decline
someone who would not choose to pay for a certain good or service but would get the benefits of it anyway
A situation in which the market, on its own, does not distribute resources efficiently - example of free rider
this is an economic side effect of a good or service that generates beneefits or costs to someone other than the person deciding how much to produce or consume
an income level below that which is needed to support families or households