Economics

Not having enough of something.

• incentive

• scarcity

• human resources

• division of labor

Rewards or penalties used to encourage people to behave in predictable ways.

• human resources

• division of labor

• economics

• incentives

Workers and their skills.

• human resources

• division of labor

• scarcity

• consumer

When the production of a job is broken down into many small jobs, each done by a different worker.

• incentives

• division of labor

• human resources

• supply

when you make a choice, this is the second thing that you wanted the most.

• specialization

• economics

• demand

• opportunity cost

The study of how individuals and societies use their scarce resources to get goods and services.

• economics

• producer

• demand

• competition

The kind of economic system that we have in our country. the "three big questions" are answered through the interaction of producers and consumers. The seller expects to charge as much as the buyer is willing to pay without looking for another seller and a less expensive price.

• command economy

• competition

• demand

• market economy

The government decides the answers to the "three big questions". They decide what will be produced, how it will be produced, and what the price will be.

• specialization

• market economy

• command economy

• consumer

The "three big questions" are answered by tradition or custom. People produce what they have always produced in a way that they have always produced it.

• market economy

• traditional economy

• supply

• command economy

When individuals, regions, and companies produce certain kinds of goods or services.

• specialization

• incentive

• opportunity cost

• economics