Economics

The choices we make about how to use limited resources to produce goods & services to meet unlimited wants & needs

• Entrepreneurship

• Economics

• Factors of production

• Scarcity

a limited supply of something

• loss

• profit

• scarcity

• opportunity cost

The amount of something available for use

• Supply

• demand

• Scarcity

• profit

Any kind of work performed for others.

• Scarcity

• profit

• Demand

• service

Natural resources, capital goods, and human capital are considered...

• Scarcity

• Command economies

• Market economies

• Factors of production

The way a society organizes the production, distribution, and consumption of goods & services determines its...

• Supply & demand

• Economic system

• Entrepreneurship

• Capital goods

Economic systems are based on customs and beliefs

• Mixed Economy

• Traditional Economy

• Command Economy

• Market Economy

The government makes all the economic decisions and owns most property.

• Mixed economy

• Command Economy

• Market Economy

• Traditional Economy

Economic questions are answered by buyers & sellers. Most property and resources are privately owned.

• Mixed Economy

• Command Economy

• Market economy

• Traditional Economy

Most modern economies contain elements of more than one economic system and are referred to as ___________.

• Mixed

• Traditional

• Command

• Market