A system by which people in a society make decisions about how to use their resources to produce goods and services

• Economy

• Factors of Production

• Want-Satisfaction Chain

• Opportunity Cost

• Scarcity

The resources needed to create a good or service

• Economy

• Factors of Production

• Want-Satisfaction Chain

• Opportunity Cost

• Scarcity

Which factor of production is: natural resources

• Land

• Labor

• Capital

• Entrepreneurship

Which factor of production is: the time, energy, knowledge, and skills of humans

• Land

• Labor

• Capital

• Entrepreneurship

Which factor of production is: human innovation and initiative to combine land, labor, and capital in order to produce goods/services

• Land

• Labor

• Capital

• Entrepreneurship

Which factor of production is: anything produced in an economy used to produce other goods/services

• Land

• Labor

• Capital

• Entrepreneurship

Which term means: resources are limited compared to wants

• Economy

• Factors of Production

• Want-Satisfaction Chain

• Opportunity Cost

• Scarcity

Which term means, the thing that is given up in order to get something else. In other words, a tradeoff.

• Economy

• Factors of Production

• Want-Satisfaction Chain

• Opportunity Cost

• Scarcity

A system in which decisions are made based on long-standing behaviors

• Traditional Economy

• Command Economy

• Market Economy

• Mixed Economy

A system in which the government makes economic decisions

• Traditional Economy

• Command Economy

• Market Economy

• Mixed Economy