Economics Vocab Pt 2

Deciding how to spend your money

• consumer choice

• trade-off

• opinions

• production cost

Businesses that trade privately owned goods and services which are not government owned

• trade off

• marketplace

• private sector

• public sector

The part of the marketplace in which the government makes or purchases goods and services

• public sector

• private sector

• government control

• command economy

Private owners control property, resources, and business to compete to sell their goods

• free market economy

• mixed economy

• command economy

• competition

The government controls process, production, and labor

• free market economy

• mixed economy

• command economy

• marketplace

The government has some control over the economy

• command economy

• mixed economy

• free market economy

• marketplace economy

Effort amongst companies to win more business

• economic activity

• assets

• competition

• barter

The direct exchange of goods and services without the use of money.

• trade

• barter

• assets

• swap

Items of ownership that can be converted into cash. Total Resources of a person or business.

• trade off

• assets

• marketplace

• goods

The total revenue minus the costs of production.

• profit

• opportunity cost

• cost of production

• money loss