Basic Economic Concepts

Front

Private individuals operate in competitive market with minimal government interference.

Back

Free Enterprise System

Front

Limited resources to meet unlimited wants.

Back

Scarcity

Front

Value of next best alternative given up.

Back

Opportunity Cost

Front

Land, labor, capital, entrepreneurship.

Back

Factors of Production

Front

Inputs like natural resources, labor, capital.

Back

Resources

Front

Framework for resource allocation and distribution.

Back

Economic System

Front

Exchanges between households and firms in market economy.

Back

Circular Flow Model

Front

Selecting an option due to limited resources.

Back

Choice

Front

Rivalry to attract customers and gain market share.

Back

Competition

Front

Businesses producing goods or services for sale.

Back

Firms