Econ Unit Test Review

desire individuals and nations have that can be met by getting a good or a service

• Scarcity

• Want

• Need

• Economy

the study of how individuals and nations make choices about ways to use scarce resources to fulfill their needs and wants

• Scarcity

• Wants

• Needs

• Economics

all things that can be used—natural resources, labor, buildings, and tools—to make goods or services

• Economics

• Needs

• Resources

• Wants

the situation of not having enough resources to satisfy all one's wants

• Resources

• Scarcity

• Economics

• Needs

a nation's way of producing things its people want and need

• Economics

• Scarcity

• Economic System

• Resource System

an economic system in which the decisions of what, how, and for whom to produce are based on custom or habit

• Traditional Economy

• Command Economy

• Scarcity

• Economic Economy

an economic system in which individuals and businesses own all resources and make economic decisions on the basis of price

• Traditional Economy

• Market Economy

• Command Economy

• Economic System

an economic system in which the major economic decisions are made by the central government

• Market Economy

• Traditional Economy

• Command Economy

• Scarcity

system combining characteristics of more than one type of economy; a market economy that has elements of command and tradition

• Mixed-Market Economy

• Market Economy

• Traditional

• Command

the alternative you face if you decide to do one thing rather than another

• Needs

• Wants

• trade-off

• economic Resources