Ch. 1 & 2 Economics Vocabulary

Front

an economy in which production, investment, prices, and incomes are determined centrally by a government.

Back

Command Economy

Front

An economy is a system that relies on customs, history, and time-honored believes.

Back

Traditional Economy

Front

An economic system in which production and prices are determined by unrestricted competition between privately owned businesses.

Back

Market Economy

Front

The United States is an example of

Back

Market Economy

Front

Cuba is an example of a_______ economy.

Back

Command Economy

Front

What is essential for survival?

Back

Needs

Front

something unnecessary but desired or items which increase the quality of living.

Back

Wants

Front

the fact that budgeting inevitably involves sacrificing some of X to get more of Y.

Back

Trade-Off

Front

the value of the next-best alternative when a decision is made; it's what is given up

Back

Opportunity Costs

Front

Material resources.

Back

Non-human Resource