Econ Final

the resources that are used to make goods and services, including land, labor, and capital

• Factors of Production
• Factors of Distribution
• Factors of Demand
• Factors of Supply

the physical objects that someone produces

• needs
• wants
• services
• goods

the actions or activities that one person performs for another

• services
• goods
• needs
• wants

the graph that shows the maximum combination of goods and services that can be produced from a fixed amount of resources in a given period of time

• production possibilities curve PPC
• Application possibilities Curve APC
• Supply Curve
• Demand Curve

3 basic economic questions that all economies must answer

• What to Produce? How to produce? For Whom to produce?
• Supply, Demand, Possibitilies
• How, What, Why
• What needs, What wants, What goods

an economic system that relies on habit, custom, or ritual to decide the three key economic questions

• command economy
• traditional economy
• market economy
• mixed economy

an economic system in which the government makes all decision on the three key economic questions

• traditional economy
• command economy
• market economy
• mixed economy

a market-based economic system in which the government is involved to some extent

• traditional economy
• command economy
• market economy
• mixed economy

an economic system in which individuals own the factors of production and make economic decisions through free interaction while looking out for their own and their families' best interest without government interference

• traditional economy
• market economy
• command economy
• mixed economy

the basic problem of economics that results from a combination of limited resources and unlimited wants and needs

• Needs
• Wants
• Scarcity
• demand