Economics Unit 1

Front

All the resources made and used by people to produce and distribute goods and services.

Back

Capital

Front

An economic system in which the government makes all economic decisions

Back

Command Economy

Front

a person who buys or uses goods or services for personal use

Back

consumer

Front

 approach that weighs the benefits of an action against its costs.

Back

cost-benefit analysis

Front

a simplified representation of economic forces

Back

Economic model

Front

The study of how individuals and societies satisfy their unlimited wants with limited resources

Back

economics

Front

 to make decisions according to the best combination of costs and benefits

Back

Economize

Front

when economic resources are being used to produce the maximum amount of goods and services

Back

Efficiency

Front

The vision, skills, and risk-taking needed to create and run businesses.

Back

Entrepreneurship

Front

the economic resources needed to produce goods and services

Back

Factors of Production (definition)