Unit:1-Formative#2- Vocab. Flashcard Scar/OppCost/Circ Flow

Front

Natural resources that are unaltered gifts of nature, such as soil, minerals, timber, and fresh water are known as...

Back

Land

Front

An economy that relies on voluntary trade as the primary means of organizing and coordinating production is called a.....

Back

Market Economy

Front

The physical and mental efforts people use to create goods and services is known as......

Back

Labor

Front

An economic system that blends voluntary exchange, and some government regulation for economic choice-making is called a...

Back

Mixed Economy

Front

The inability to satisfy all wants with the resources available is called......

Back

Scarcity

Front

A process in which businesses and people focus on producing one or a few parts of an entire product is called...

Back

Specialization

Front

The buildings, tools, and machines people create and use to produce final goods and services is called.....

Back

Capital

Front

The imagination, innovative thinking, and management skills needed to start and operate a business is called ...

Back

Entrepreneurship

Front

Someone who buys or uses goods and services is called....

Back

Consumer

Front

The study of individual consumers and businesses is called...

Back

Microeconomics