EPF Unit 1 Vocab

What is a command economy?

• An economy in which private enterprise exists in combination with a considerable amount of government regulation and promotion

• An economic system in which the government controls a country's economy

• An economic system in which decisions on production and consumption of goods and services are based on voluntary exchange in markets

• Limited quantities of resources to meet unlimited wants

What is a mixed economy?

• An economic system in which the government controls a country's economy

• An economy in which private enterprise exists in combination with a considerable amount of government regulation and promotion

• The most desirable alternative given up as the result of a decision

• An act or use for which a consumer, firm, or government is willing to pay

Who are entrepreneurs?

• The skills and knowledge gained by a worker through education and experience

• Items purchased to satisfy needs and wants

• People who managed and assumed the financial risks of starting a new business

• The human-made objects used to create other goods and services

What is opportunity cost?

• An economic system in which the government controls a country's economy

• An economy in which private enterprise exists in combination with a considerable amount of government regulation and promotion

• The most desirable alternative given up as the result of a decision

• An act or use for which a consumer, firm, or government is willing to pay

What are goods?

• An economic system in which the government controls a country's economy

• The human-made objects used to create other goods and services

• Items purchased to satisfy needs and wants

• An act or use for which a consumer, firm, or government is willing to pay

What is physical capital?

• An economic system in which the government controls a country's economy

• The human-made objects used to create other goods and services

• An act or use for which a consumer, firm, or government is willing to pay

• Items purchased to satisfy needs and wants

What are services?

• An act or use for which a consumer, firm, or government is willing to pay

• An economy in which private enterprise exists in combination with a considerable amount of government regulation and promotion

• An economic system in which decisions on production and consumption of goods and services are based on voluntary exchange in markets

• The most desirable alternative given up as the result of a decision

What is a market economy?

• An economic system in which the government controls a country's economy

• The most desirable alternative given up as the result of a decision

• An economy in which private enterprise exists in combination with a considerable amount of government regulation and promotion

• An economic system in which decisions on production and consumption of goods and services are based on voluntary exchange in markets

What is scarcity?

• The skills and knowledge gained by a worker through education and experience

• Limited quantities of resources to meet unlimited wants

• The human-made objects used to create other goods and services

• An act or use for which a consumer, firm, or government is willing to pay

What is human capital?

• An act or use for which a consumer, firm, or government is willing to pay

• The skills and knowledge gained by a worker through education and experience

• Items purchased to satisfy needs and wants

• An economic system in which the government controls a country's economy