Econmovies #1 Star Wars

Individuals are influenced and motivated by _____________________.

_____________________ is when buyers and sellers willingly engage in a mutually beneficial transaction. (2 words)

Economists assume that everyone acts in their own _____________________ by analyzing the benefits and costs of their decisions.(2 words)

The idea that we all have unlimited wants but limited resources is called _____________________.

_____________________ is the concept that unintended social benefits arise from individuals acting in their own self interest. (3 words)

In a _____________________, buyers and sellers meet to exchange goods and services with no government intervention. (2 words)

_____________________ is the study of how individuals, businesses, and the government deal with scarcity.

Because of _____________ we all have limited resources so we can’t have everything that we want. We are forced to make choices. We need a field of study to figure out how to use our resources as efficiently as possible.

Being self-interested means choosing outcomes that maximize our benefits. People that choose to

serve and sacrifice for others are still self-interested since they are weighing the benefits and costs of their

decisions. Being __________ means seeking benefits at the expense of others or having no consideration for others.

individuals are free to make voluntary exchanges, individuals own resources, competition keeps prices low,

individuals decide what to produce, how to produce it, and how it is distributed.

These are all characteristics of a ________ market.