Econ Math-Intro to Economics unit 4

The condition that results from society not having enough resources to produce all the things people would like to have

• Scarcity

• Opportunity Cost

• Economics

The study of how people try to satisfy what appears to be seemingly unlimited and competing wants through the careful use of relatively scarce resources

• Consumer Sovereignty

• Economics

• Opportunity Cost

A basic requirement for survival-i.e, food, clothing, shelter

• Durable Good

• Consumer Good

• Need

The tools, equipment, machinery, and factories used in the production of goods and services

• Capital

• Disposable Goods

• Consumer Goods

A risk-taker in search of profits who does something new with existing resources

• Scarcity

• Competition

• Entrepreneur

The cost of the next best alternative use of money, time, or resources when another choice is made rather than another

• Economics

• Opportunity Cost

• Capital

Type of market economy in which the factors of production are privately owned.

• Capitalism

• Communism

• Socialism

Economic system characterized by a central authority that makes most of the major economic decisions.

• Command Economy

• Mixed Economy

• Traditional Economy

Economic system that has some combination of traditional, command, and market economies.

• Traditional Economy

• Mixed Economy

• Market Economy

A component of Trade is the act of buyers and sellers freely and willingly engaging in market transactions also known as?

• Profit Motive

• Competition

• Voluntary Exchange