Civics Ch 13

The act of buying or using goods or services

• Capital

• Scarcity

• Consumption

• Invest

An economic system in which the government or a central Authority owns or controls the factors of production and makes the basic economic decisions

• Mixed economy

• Command economy

• Market economy

• Traditional economy

Economy that is a mixture of the characteristics of two or more of the three basic economic systems

• Mixed economy

• Market economy

• Command economy

• Traditional economy

To use money to help a business get started or grow, with the hope that the business will earn a profit that you can share

• Profit

• Scarcity

• Invest

• Free enterprise

The problem that resources are always limited in comparison with the number and variety of wants people have

• Scarcity

• Factors of production

• Capitalism

• Technology

Another name for a market economy a system in which people make their own decisions about how to save resources as capital and how to use their capital to produce goods and services

• Socialism

• Communism

• Fascism

• Capitalism

The difference between what it cost a business to produce something in the price the buyer pays for it

• Capital

• Profit

• Technology

• Invest

The system in which individuals in a market economy are free to undertake economic activities with little or no control by the government

• Quantity

• Opportunity Cost

• scarcity

• free enterprise

Amount

• profit

• capital

• invest

• quantity

The practical application of science to commerce or industry

• opportunity cost

• factors of producation

• technology

• quantity