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Match the following terms and definitions

• whether the economy is producing the most output with the available resources

• allocative efficiency

• the benefit you get from one more unit of a good or service

• production possibilities curve

• shows your choices about what to produce given the available resources

• Opportunity cost

• whether the people able to buy something have access to a market for it

• technical efficiency

• the value of the next best alternative to the choice you made

• marginal returns

Most economies in the world are

• Command economies

• Mixed economies

• Market economies

a system of producing distributing

• Economics

• Capital

• Exports

• Imports

Which one is consumer

• A person who buys a product

• in short supply

• To send goods to another country

• To bring into a country

An economic system in which citizens are free to run a business

• Free Enterprise

• Human Resources

• Manufacturing

• Capitalism

scarcity

• A person who buys a product.

• in short supply.

• The making of goods to the republic in relatively small quantities for use or consumption.

• To bring goods into a country.

An economic system in witch all factors of production are owned by teh public

• Currency

• Retail

• Wholesale

• Capitalism

______ is any physical environmental item that people perceive to be useful.

• human resource

• natural resource

• capital resource

• distribution

_____ is equipment or goods (machinery, tools, factories, stores, vehicles, etc.) that are used to produce other goods and services.

• human resource

• natural resource

• capital resource

• production

_____ is workers and their abilities, talents, training, skills, and knowledge used to produce goods or services

• human resource

• capital resource

• natural resource

• production