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
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
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.
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.
something you can’t live without
a desire to have something
anything that you buy
situation where you can’t get enough goods or service
someone that works to create goods and services
the shortage of supplies
working for pay
a machine that does work for you
skilled workers gained through education and hard work
helping someone to do work
wealth in the form of money or other assets owned by people
natural resources to produce goods
inputs that are used in the production of goods and services
the decision of if you should do something
a saying that means two similar choices
the extra cost of adding one unit
after deciding one is given up
the extra benefit of adding one unit
giving up a benefit for something ever better
deciding on if what you do causes sacrifice and gain
resources used to maximize the output of goods and services
once all factors of production are at maximum output and efficiency, producing more than average
economy’s productive resources shown on a graph
fewer resources than capable
a line on a production that shows the maximum possible output an economy can produce (Production is the first part of the voc but is not in the cross puzzles)
The study of how people make decisions on their wants and needs
The value of something that is given up by choosing one alternative over another
Doing a trade in which the parties involved anticipate that the benefits will outweigh the cost
The alternative is someone gives up when making an economic choice
A situation that exists when there are not enough resources to meet human wants
All the human time effort and talent used to produce goods and services
All the resources people may can use to produce and distribute goods and services
The study of how individuals and society satisfy their unlimited wants and limited resources
Of the combination of vision skill ingenuity and willingness to take risks that is needed to create and run a new business
All the natural resources on or under the ground that are used to produce goods and services
Desires that can't be satisfied by consuming a good or service
A benefit offered to encourage people to act in a certain way
The benefit gained from using one more unit of a good or service
Decisions made by one party that have intended and unintended consequences on other parties
A person who makes goods or provides services
A person who buys goods or services for personal use
The amount of output produced from a set amount of inputs
The additional cost of producing or using one more unit of a good or service
Things such as food water clothing shelter that are necessary for survival
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.
the basic problem of economics that makes us make choices
the most desirable sacrifice when you make a choice
how useful something is
"all other things remaining constant"
land, labor, capital and entrepreneurship
production possibilities curve
the "unseen" force which helps people make business decisions
Adam Smith's most well known book
the type of economy that is typically run by dictators and makes minimal wealth
the kind of economy that is usually centered around an agricultural community
teh ability to use the factorss or production more efficiently than another nation
answers, "which nation has the lower opportunity cost for producing a certain product?"
a system where goods or services are directly exchanged for other goods or services
this kind of demand has a gentle slope
this kind of demand has a steep slope
this always shifts the supply curve to the right
a cost that shfts the supply curve to the left
a financial benefit usually given by the government that shifts the supply curve to the right
this type of demand has a perfectly vertical curve
this type of demand has a perfectly horizontal curve
good thats quantity demanded decreases when consumer income rises
a good thats quantity demanded increases when consumer income rises
excess or overgae
not enough of something
a steady long term increase in real GDP
the loss of potential gain from other alternatives when one alternative is chosen
goods used to produce more goods
a person who uses a good or service
another name for a centrally planned govt.
there is no such thing as a free lunch
give up one benefit to gain another
the rivalry among sellers trying to achieve such goals as increasing profits
a general increase in prices across an economy
a risk-taker in search of profits
a income that does not increase even when prices go up
study of how people satisfy unlimited wants through careful use of realtive scarce resource
physical objects that somone produces
the power of consumers to decide what gets producded
a financial gain
economic system that relies on habit
any government system that provides monetary assistance to people with an inadequate or no income.
gross domestic product
how much it is worth in money
the accumulation of products that are tangible, scarce, useful, and transferable from one person to another
mental/physical work or production
an economy in which prices and wages are determined mainly by supply and demand
the loss of potential gain from other alternatives when one alternative is chosen
refers to financial wealth, especially that used to start or maintain a business
the willingness to take a financial risk
the distribution of a limited quantity resources over various time periods
a curve depicting all maximum output possibilities for two goods
describes utility you get for adding one more of something
describes the utility you get for adding one more of something
giving someone only one one or two tasks to focus rather than several
focusing on what you or other factors of production do best
the freedom to enter into a transaction in the market
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