Economics Chapter 2 Vocabulary Part 1 Crossword

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