an action or activity done for others for a fee

the value of the alternative not chosen when making a choice

people or businesses that make goods or provide services

a person who buys and uses goods and services

giving up one thing to get something else

a person who starts and runs a business

Gross Domestic Product (GDP)

all finished goods and services produced in a country in one year

natural ups and downs of an economy

rilvarly between businesses to get customers

how an industry is organized based on competition, characteristic of products, and how easy it is to enter the market

a place where producers and consumers meet to exchange goods and services

a market structure with one producer controls all products in that market

a market structure where a few businesses control almost all the products in that market

a market structure where there are a lot of producers selling the exact same thing

something that keeps things from entering

something that can be switched out for something similar

monopolisitc competition

a market structure with a lot of producers but the products might be a little different

information that can inform us where the economy may be going on the business cycel

information that tells us where the economy was on the business cycel

the genral increase in the prices of goods and services over time

something that provides information

EPF U1 Flashcards Flashcards

Student preview

30 questions

Show all answers

1.

FLASHCARD QUESTION

Front

Economic Systems

Back

Traditional Economy

Command Economy

Market Economy

Mixed Economy

2.

FLASHCARD QUESTION

Front

Command Economy

Back

government determines price

3.

FLASHCARD QUESTION

Front

Traditional Economy

Back

trade goods and services

4.

FLASHCARD QUESTION

Front

Mixed Economy

Back

producers and consumers decide prices

5.

FLASHCARD QUESTION

Front

Market Economy

Back

scarcity is answered by Supply and Demand

6.

FLASHCARD QUESTION

Front

scarcity

Back

not enough resources

7.

FLASHCARD QUESTION

Front

resources

Back

things that are used to produce goods and services

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