Needs

Allocate

Want

Opportunity Cost

Economics

Supply and Demand

Scarcity

Allocate

Economics

Time

Trade off

Scarcity

Economics

Opportunit Cost

Time

Allocate

It is a want, limited, and scarce

It is want, not limited, and not scarce

It is not a want, limited, and not scarce

It is not a want, not limited, and not scarce

It is a want, not limited, and scarce

It is not a want, not limited, and not scarce

It is a want, limited, and scarce

It is not a want, limited, and scarce

physical/tangible objects

actions/activities that one performs for another for a fee

an adjective to describe something pleasant

the process of bringing new methods, products, or ideas. into use.

Money made after producers have paid for all their cost/expenses

Effort a person devotes to a task for which that person is paid

Actions/activities that one performs for another for a fee

Process of bringing new methods, products, or ideas into use

Goods, services, profit, and innovation

Capital, profit, innovation, and land

Profit, land, entrepreneurship, and innovation

Land, labor, capital, and entrepreneurship

All natural resources found on or under the group used to produce goods and services (water, oil, coal, etc)

Effort a person devotes to a task for which that person is paid (writers, workers, etc)

All Human Resources used to produce other goods and services (machines, phones, etc)

A specific form of labor (Jeff Bezos, Bill Gates, etc)

Money made after producers have paid for all their cost/expense

Process of bringing new methods, products, or ideas into use

Someone who starts up and operates a business, assuming the financial risk in order to start that business

Effort a person devotes to a task for which that person is paid (human time, effort, and talent)

All natural resources found on or under the ground used to produce goods and services

Effort a person devotes to a task for which that person is paid (human contribution)

All Human Resources used to product other goods and services. May include physical aspects like man-made objects to create other objects or human aspects like abilities, or financial aspects like money to buy inventory

Someone who starts up and operates a business, assuming the financial risk in order to start that business

Physical/tangible objects

Effort a person devotes to a task for which that person is paid

A specific form of labor that consists of creative and risk-taking capabilities that are involved in starting up and running a business (Jeff Bezos, Bill Gates, etc)

Money made after producers have paid for all of their cost/expense

Someone who starts up and operates a business, assuming financial risk in order to start that business.

Actions/activities that one performs for another (for a fee)

Someone who works for a boss

Someone who manages a business

Quitting a job, using savings, predicting the interest of the audience, and ownership

Profit, sense of accomplishment, innovation, creation of jobs, and improvement of society

Money, meeting others, losing money, and traveling

God, gold, glory

Innovation, creation of jobs, and improvement of society

Making money, having fun, buying things, and meeting others

Quitting a job, using savings, predicting the interest of the audience, and ownership

Failure, success, traveling, money, and ownership

Physical/tangible objects

Money made after producers have paid for all their cost/expenses

Process of bringing new methods, products, or ideas into use

All natural resources found on or under the ground used to produce goods and services

All human resources used to produce other goods and services

Actions/activities that one performs for another for a fee

The process of making money after paying off costs and expenses

The process of bringing new methods, products, or ideas into use

The alternative choices people face in making an economic decision (more work means less time at home)

The value of the next best alternative or what you give up by choosing one alternative over another (choose chocolate over starbursts means you miss the benefits of starbursts)

the satisfaction of adding one unit of production or consumption

The cost of using one or more unit of goods and services

The process of bringing new methods, products, or ideas into use

The alternative choices people face in making an economic decision (more time at work means less time at home)

The value of the next best alternative or what you give up by choosing one alternative over another (choose chocolate over starbursts means you miss the benefits of starbursts)

When military goods are produced more than consumer goods

The cost of using one more unit of good or service

Benefit/satisfaction received from using one or more unit of a good or service

Practice of examining cost and expected benefits of a choice as an aid to decision-making cost-benefit analysis

Decreasing satisfaction/usefulness as additional units of a product are acquired

The cost of using one more unit of good or service

Benefit/satisfaction received from using one or more unit of a good or service

A firm belief in benefiting from the margins

Positive and negative rewards

Positive and negative rewards that encourage economic behavior

Benefit/satisfaction received from using one or more unit of a good or service

Cost of using one or more unit of good or service

Practice of examining cost and expected benefits of a choice as an aid to decision-making cost-benefit analysis

Profit = revenue-cost

Profit = cost-revenue

Profit = loss-revenue

Profit = cost-loss

When buyers and sellers freely choose to exchange (or trade) goods, services, and resources for something else of value

The satisfaction of adding one unit in production or consumption (first sip of ice water on a hot day)

Decreasing satisfaction/usefulness as additional units of a product are acquired (every sip after the first one doesn't satisfy you as much as the first one)

Positive and negative rewards that encourage economic behavior such as making purchases or working to increase productivity

The satisfaction of adding one unit in production or consumption (first sip of ice water on a hot day)

When buyers and sellers freely choose to exchange (or trade) goods, services, and resources for something else of value

Decreasing satisfaction/usefulness as additional units of a product are acquired (every sip after the first one doesn't satisfy you as much as the first one)

Positive and negative rewards that encourage economic behavior such as making purchases or working to increase productivity

The satisfaction of adding one unit in production or consumption (first sip of ice water on a hot day)

Positive and negative rewards that encourage economic behavior such as making purchases or working to increase productivity

Fairness within the economy

Has to do with protecting individuals and businesses from risk

Breaking down productive tasks into smaller and more specialized acts (assembly line)

Measure of the amount of output produced by a given amount of inputs in a specific period of time

A situation that allows individuals and businesses to concentrate on specific tasks in the production of goods and services

When buyers and sellers freely choose to exchange goods, services, and resources for something else of value

Breaking down productive tasks into smaller and more specialized acts (assembly line)

Measure of the amount of output produced by a given amount of inputs in a specific period of time

A situation that allows individuals and businesses to concentrate on specific tasks in the production of goods and services

When buyers and sellers freely choose to exchange goods, services, and resources for something else of value

Breaking down productive tasks into smaller and more specialized acts (assembly line)

A situation that allows individuals and businesses to concentrate on specific tasks in the production of goods and services

When buyers and sellers freely choose to exchange goods, services, and resources for something else of value

Measure of the amount of output produced by a given amount of inputs in a specific period of time

Breaking down productive tasks into smaller and more specialized acts (assembly line)

When buyers and sellers freely choose to exchange goods, services, and resources for something else of value

Measure of the amount of output produced by a given amount of inputs in a specific period of time

A situation that allows individuals and businesses to concentrate on specific tasks in the production of goods and services

Specialization makes people more productive, leading to more products produced, leading to more efficient exchange

Specialization leads to people making things faster, leading to a less efficient exchange

Specialization and voluntary exchange have no relationship

The relationship between specialization and voluntary exchange is unknown

None of the above

Consumers get the money to improve their services and profits while producers get the goods

Consumers get the goods and the producers get the money to improve their services and profit.

There is no relationship between consumers and producers

The effort two or more people, acting independently to get the business of others by offering the best deal

Determines the goods and services an economy produces because businesses will only produce those products that consumers are willing to buy

Incentives entrepreneurs to take risk of starting a business

The ability of individuals and businesses in an economy to buy, sell, and hold property as they wish without fear of government interference or seizure

Incentives entrepreneurs to take risk of starting a business

The ability of individuals and businesses in an economy to buy, sell, and hold property as they wish without fear of government interference or seizure

The effort two or more people, acting independently to get the business of others by offering the best deal

Determines the goods and services an economy produces because businesses will only produce those products that consumers are willing to buy

The extent to which a central authority has control over the production and consumption decisions in an economy

The effort two or more people, acting independently to get the business of others by offering the best deal

The ability of individuals and businesses in an economy to buy, sell, and hold property as they wish without fear of government interference or seizure

Determines the goods and services an economy produces because businesses will only produce those products that consumers are willing to buy

The extent to which a central authority has control over the production and consumption decisions in an economy

Determines the goods and services an economy produces because businesses will only produce those products that consumers are willing to buy

The effort two or more people, acting independently to get the business of others by offering the best deal

The ability of individuals and businesses in an economy to buy, sell, and hold property as they wish without fear of government interference or seizure

The extent to which a central authority has control over the production and consumption decisions in an economy

The ability of individuals and businesses in an economy to buy, sell, and hold property as they wish without fear of government interference or seizure

Determines the goods and services an economy produces because businesses will only produce those products that consumers are willing to buy

The effort two or more people, acting independently to get the business of others by offering the best deal

Individuals and firms can own property. Government can own property to provide public goods and services. Government may seize property and pay the owner fair market value if the property can be used for a public good or service.

Property rights and transfer of property would follow traditional rules of the culture and typically be passed down generation to generation.

Property rights are strong. Individuals and firms own all the factors of production. If a government exists, its main role is to apply the rule of law governing property rights to all property disputes in a fair and equal way.

Property rights, if any, are insecure since central planners (or government authority) make all economic decisions. Property seizures are common if the central planner thinks the property should be used in another capacity.

Individuals and firms can own property. Government can own property to provide public goods and services. Government may seize property and pay the owner fair market value if the property can be used for a public good or service.

Property rights are strong. Individuals and firms own all the factors of production. If a government exists, its main role is to apply the rule of law governing property rights to all property disputes in a fair and equal way.

Property rights and transfer of property would follow traditional rules of the culture and typically be passed down generation to generation.

Property rights, if any, are insecure since central planners (or government authority) make all economic decisions. Property seizures are common if the central planner thinks the property should be used in another capacity.

Individuals and firms can own property. Government can own property to provide public goods and services. Government may seize property and pay the owner fair market value if the property can be used for a public good or service.

Property rights and transfer of property would follow traditional rules of the culture and typically be passed down generation to generation.

Property rights, if any, are insecure since central planners (or government authority) make all economic decisions. Property seizures are common if the central planner thinks the property should be used in another capacity.

Property rights are strong. Individuals and firms own all the factors of production. If a government exists, its main role is to apply the rule of law governing property rights to all property disputes in a fair and equal way.

Individuals and firms can own property. Government can own property to provide public goods and services. Government may seize property and pay the owner fair market value if the property can be used for a public good or service.

Property rights are strong. Individuals and firms own all the factors of production. If a government exists, its main role is to apply the rule of law governing property rights to all property disputes in a fair and equal way.

Property rights and transfer of property would follow traditional rules of the culture and typically be passed down generation to generation.

Property rights, if any, are insecure since central planners (or government authority) make all economic decisions. Property seizures are common if the central planner thinks the property should be used in another capacity.

People who provide goods and services most likely provide the same good or service their ancestors provided.

Little opportunity to pursue individual rewards since all economic decisions are made by a central planner. Small businesses, if allowed, will likely return a large percentage of profits to the central government.

The profit motive incentivizes individuals to start new businesses and to make their businesses efficient. Firm owners will be able to keep most or all of their business profits.

Entrepreneurs can freely start businesses, but will usually be required to pay a certain percentage of their profits in taxes to the government.

Entrepreneurs can freely start businesses, but will usually be required to pay a certain percentage of their profits in taxes to the government.

People who provide goods and services most likely provide the same good or service their ancestors provided.

The profit motive incentivizes individuals to start new businesses and to make their businesses efficient. Firm owners will be able to keep most or all of their business profits.

Little opportunity to pursue individual rewards since all economic decisions are made by a central planner. Small businesses, if allowed, will likely return a large percentage of profits to the central government.

Entrepreneurs can freely start businesses, but will usually be required to pay a certain percentage of their profits in taxes to the government.

Little opportunity to pursue individual rewards since all economic decisions are made by a central planner. Small businesses, if allowed, will likely return a large percentage of profits to the central government.

People who provide goods and services most likely provide the same good or service their ancestors provided.

The profit motive incentivizes individuals to start new businesses and to make their businesses efficient. Firm owners will be able to keep most or all of their business profits.

People who provide goods and services most likely provide the same good or service their ancestors provided.

The profit motive incentivizes individuals to start new businesses and to make their businesses efficient. Firm owners will be able to keep most or all of their business profits.

Little opportunity to pursue individual rewards since all economic decisions are made by a central planner. Small businesses, if allowed, will likely return a large percentage of profits to the central government.

Entrepreneurs can freely start businesses, but will usually be required to pay a certain percentage of their profits in taxes to the government.

Individual consumers have little say in what businesses or government producers offer as goods and services. They may be told how much of each good or service they are allowed to have.

Businesses will usually produce what consumers want to buy. Government may recognize that certain goods and services will not be produced in great enough quantity by the private market and will produce the product as a public good or service

The production of goods and services is based on what has always been produced so changes in consumer taste for new goods and services would not change the goods and services produced in the economy

Firms produce only the goods and services they think consumers are willing and able to buy. Products that do not sell will be discontinued and firms will increase the quantity supplied of products that are popular with consumers.

Individual consumers have little say in what businesses or government producers offer as goods and services. They may be told how much of each good or service they are allowed to have.

Businesses will usually produce what consumers want to buy. Government may recognize that certain goods and services will not be produced in great enough quantity by the private market and will produce the product as a public good or service

Firms produce only the goods and services they think consumers are willing and able to buy. Products that do not sell will be discontinued and firms will increase the quantity supplied of products that are popular with consumers.

The production of goods and services is based on what has always been produced so changes in consumer taste for new goods and services would not change the goods and services produced in the economy

Businesses will usually produce what consumers want to buy. Government may recognize that certain goods and services will not be produced in great enough quantity by the private market and will produce the product as a public good or service

Individual consumers have little say in what businesses or government producers offer as goods and services. They may be told how much of each good or service they are allowed to have.

Firms produce only the goods and services they think consumers are willing and able to buy. Products that do not sell will be discontinued and firms will increase the quantity supplied of products that are popular with consumers.

The production of goods and services is based on what has always been produced so changes in consumer taste for new goods and services would not change the goods and services produced in the economy

Firms produce only the goods and services they think consumers are willing and able to buy. Products that do not sell will be discontinued and firms will increase the quantity supplied of products that are popular with consumers.

Businesses will usually produce what consumers want to buy. Government may recognize that certain goods and services will not be produced in great enough quantity by the private market and will produce the product as a public good or service

The production of goods and services is based on what has always been produced so changes in consumer taste for new goods and services would not change the goods and services produced in the economy

Individual consumers have little say in what businesses or government producers offer as goods and services. They may be told how much of each good or service they are allowed to have.

High levels of competition are encouraged, but government may allow certain monopolies to exist if there is a compelling reason to have one producer of the good or service.

Since the government is the producer of most goods and services, there is little or no competition among individual firms. This means there is little incentive to innovate, lower prices, increase quality, or use resources efficiently.

There is a high level of competition because firms can freely open and close businesses. The entry of new businesses in the market for a product incentivizes firms to lower prices, increase quality, and/or become more efficient with resources.

There may be more than one seller of a particular good or service, but the sellers are likely to continue operating the same way their ancestors operated so it is unlikely that competition will lead to lower prices or a more efficient use of resources.

High levels of competition are encouraged, but government may allow certain monopolies to exist if there is a compelling reason to have one producer of the good or service.

Since the government is the producer of most goods and services, there is little or no competition among individual firms. This means there is little incentive to innovate, lower prices, increase quality, or use resources efficiently.

There is a high level of competition because firms can freely open and close businesses. The entry of new businesses in the market for a product incentivizes firms to lower prices, increase quality, and/or become more efficient with resources.

There may be more than one seller of a particular good or service, but the sellers are likely to continue operating the same way their ancestors operated so it is unlikely that competition will lead to lower prices or a more efficient use of resources.

High levels of competition are encouraged, but government may allow certain monopolies to exist if there is a compelling reason to have one producer of the good or service.

There is a high level of competition because firms can freely open and close businesses. The entry of new businesses in the market for a product incentivizes firms to lower prices, increase quality, and/or become more efficient with resources.

There may be more than one seller of a particular good or service, but the sellers are likely to continue operating the same way their ancestors operated so it is unlikely that competition will lead to lower prices or a more efficient use of resources.

Since the government is the producer of most goods and services, there is little or no competition among individual firms. This means there is little incentive to innovate, lower prices, increase quality, or use resources efficiently.

There is a high level of competition because firms can freely open and close businesses. The entry of new businesses in the market for a product incentivizes firms to lower prices, increase quality, and/or become more efficient with resources.

There may be more than one seller of a particular good or service, but the sellers are likely to continue operating the same way their ancestors operated so it is unlikely that competition will lead to lower prices or a more efficient use of resources.

High levels of competition are encouraged, but government may allow certain monopolies to exist if there is a compelling reason to have one producer of the good or service.

Since the government is the producer of most goods and services, there is little or no competition among individual firms. This means there is little incentive to innovate, lower prices, increase quality, or use resources efficiently.

The government may require licenses and government paperwork to start the business. Businesses may have to follow government labor, consumer safety, and environmental laws.

The government or central planner makes almost all decisions about the production of goods and services in the economy.

Traditional leaders, like councils of elders or tribal chiefs, will typically be in charge of moderating disputes between members of the community. They will make their decisions based on how the culture has decided in the past.

Government regulation is minimal. If regulation exists, the focus is on protecting property rights, ensuring high levels of competition, and protecting consumers from harm.

Government regulation is minimal. If regulation exists, the focus is on protecting property rights, ensuring high levels of competition, and protecting consumers from harm.

The government may require licenses and government paperwork to start the business. Businesses may have to follow government labor, consumer safety, and environmental laws.

Traditional leaders, like councils of elders or tribal chiefs, will typically be in charge of moderating disputes between members of the community. They will make their decisions based on how the culture has decided in the past.

The government or central planner makes almost all decisions about the production of goods and services in the economy.

Traditional leaders, like councils of elders or tribal chiefs, will typically be in charge of moderating disputes between members of the community. They will make their decisions based on how the culture has decided in the past.

The government may require licenses and government paperwork to start the business. Businesses may have to follow government labor, consumer safety, and environmental laws.

The government or central planner makes almost all decisions about the production of goods and services in the economy

Government regulation is minimal. If regulation exists, the focus is on protecting property rights, ensuring high levels of competition, and protecting consumers from harm.

The government or central planner makes almost all decisions about the production of goods and services in the economy.

Traditional leaders, like councils of elders or tribal chiefs, will typically be in charge of moderating disputes between members of the community. They will make their decisions based on how the culture has decided in the past.

The government may require licenses and government paperwork to start the business. Businesses may have to follow government labor, consumer safety, and environmental laws.

Government regulation is minimal. If regulation exists, the focus is on protecting property rights, ensuring high levels of competition, and protecting consumers from harm.

blend of market and command economies.

based on individual choice, not government directives. In this system, consumers and producers drive the economy.

an economic system in which families, clans, or tribes make economic decisions based on customs and beliefs that have been handed down from generation to generation.

the central authority or government, makes all of the economic decisions

blend of market and command economies.

An economic system where the central authority or government, makes all of the economic decisions.

based on individual choice, not government directives. In this system, consumers and producers drive the economy.

an economic system in which families, clans, or tribes make economic decisions based on customs and beliefs that have been handed down from generation to generation.

an economic system where the central authority or government, makes all of the economic decisions

blend of market and command economies

an economic system in which families, clans, or tribes make economic decisions based on customs and beliefs that have been handed down from generation to generation

economic system based on individual choice, not government directives. In this system, consumers and producers drive the economy.

an economic system in which families, clans, or tribes make economic decisions based on customs and beliefs that have been handed down from generation to generation

An economic system where the central authority or government, makes all of the economic decisions

a blend of market and command economies.

An economic system based on individual choice, not government directives. In this system, consumers and producers drive the economy

how equal the economy is

ability of consumers to make their own decisions

fairness within the economy

has to do with protecting individuals and businesses from risk

Incentives entrepreneurs to take risk of starting a business

How secure the economy is

Something to do with protecting individuals and businesses from risk

fairness within the economy

freedom in the economy

Ability of consumers, producers, and workers to make their own decisions about consumption, production, and distribution of goods

fairness within the economy

the extent to which a central authority has control over the production and consumption decisions in an economy

incentives entrepreneurs to take risk of starting a business

Increasing production of goods and services over time. Occurs through increases in factors of production/new technological innovations.

fairness within the economy

growth in the economy

Something to do with protecting individuals and businesses from risk

how efficient the economy is

How well scarce productive resources allocated to produce goods and services people want and how well inputs used in production process to keep production costs low as possible

fairness within the economy

ensures all who are willing to work have the opportunity to do so

an economy making sure that increases int he overall price levels of goods and services in the economy is predictable and protects the purchasing power of money in the economy over time.

a stable economy

seeks to ensure that all those who are willing and able to work have the opportunity to do so. In the U.S., full employment is typically an unemployment rate between 4% and 6% depending on economic conditions

ensure that all those who are willing and able to work have the opportunity to do so

has to do with protecting individuals and businesses from risk

refers to the ability of consumers, producers, and workers to make their own decisions about consumption, production, and distribution of goods and services.

refers to increasing production of goods and services over time. This occurs through increases in factors of production or new technological innovations

refers to increasing production of goods and services over time. This occurs through increases in factors of production or new technological innovations

refers to an economy making sure that increases in the overall price level of goods and services in the economy is predictable and protects the purchasing power of money in the economy over time

seeks to ensure that all those who are willing and able to work have the opportunity to do so

usually refers to the goal of individual countries to maintain an upward trend of real Gross Domestic Product growth in the long-run

Goods and services produced for generations based now what ancestors produced

what the government/central planner says it will produce

What they believe consumers will want to buy

An economy that follows all traditions

use whatever methods the government or central planner says it will use

what they believe consumers will want to buy

goods and services produced for generations based on what ancestors produced

what the government/central planner says it will produce

what the government or central planner says it will produce

what they believe consumers will want to buy

goods and services produced for generations based on what ancestors produced

everything

By people

pass the same production method used in the past from generation to generation

use whatever methods the government/central planner says it will use

use methods they believe will result in selling goods and services for the most profit

Use whatever methods the government/central planner says it will use

pass the same production method used in the past from generation to generation

use methods they believe will result in selling goods and services for then most profit

By machines

By animals

pass the same production method used in the past from generation to generation

use methods they believe will result in selling goods and services for the most profit

use whatever methods the government/central planner says it will use

Only traditional people

Individuals and firms in the society who are willing and able to pay price of good/service will obtain it

distribute goods and services to whomever government/central planner says should get it

goods and services distributed by methods in past generation

Only commanding people

Individuals and firms in the society who are willing and able to pay price of good/service will obtain it

distribute goods and services to whomever government/central planner says should get it

Goods and services distributed by method in past generations

Goods and services distributed by method in past generations

Only marketing people

distribute goods and services to whomever government/central planner says should get it

Individuals and firms in the society who are willing and able to pay price of good/service will obtain it

When a market allocates a scarce resource, the people who get the resource are those who are willing to pay via trade, barter, or currency

plays a role in allocating resources

allocates resources to a winner (or group of winners)

allocates resources in the way that a majority of voters choose

majority of the people make the rules

plays a role in allocating resources

When a resource is shared equally, everyone gets the same amount of it

allocates resources in the way that a majority of voters choose

system allocates resources by the order (command) of someone in authority

allocates resources to those who are first in line

allocates resources to a winner (or group of winners).

allocate resources to those with the “right” characteristics

plays a role in allocating resources

allocate resources to those with the winning number, draw the lucky cards, or come up lucky

people who get the resource

When a resource is shared equally, everyone gets the same amount of it

allocate resources to those with the winning number, draw the lucky cards, or come up lucky

allocates resources in the way that a majority of voters choose

When a resource is shared equally, everyone gets the same amount of it

strategies are the methods available to societies as they seek to answer this question

allocate resources to those with the winning number, draw the lucky cards, or come up lucky

allocates resources to a winner (or group of winners)

allocates resources in the way that a majority of voters choose

plays a role in allocating resources

allocates resources in the way that a majority of voters choose

allocates resources to a winner (or group of winners).

When a resource is shared equally, everyone gets the same amount of it

allocates resources by the order (command) of someone in authority

When a resource is shared equally, everyone gets the same amount of it

allocate resources to those with the “right” characteristics

allocates resources to those who are first in line

allocate resources to those with the winning number, draw the lucky cards, or come up lucky

plays a role in allocating resources

allocate resources to those with the “right” characteristics

system allocates resources by the order (command) of someone in authority

When a resource is shared equally, everyone gets the same amount of it

The government is not involved in the economy

Since there are no pure markets left in the world, the government is involved to protect the consumers

Since there are no command markets left in the world, the government is involved to protect themselves

Since there are no market economies in the world, the government is involved to protect the sellers

The consumption of a good or service by one individual does not reduce the amount available

one way a market-based economy seeks to achieve more equity and security

There are certain goods and services that would be underproduced if left to the market

Since private ownership is key to a market, there must be rule of law to protect that property

Since private ownership is key to a market, there must be rule of law to protect that property

market economy depends on free competition to keep prices low and quality high. It also prevents monopolies and trusts

adding rules or laws established by the government such as taxes, tariff, and subsides

Sabotage

There is no involvement

Since private ownership is key to a market, there must be rule of law to protect that property

taxes everyone and provides the service to all

The consumption of a good or service by one individual does not reduce the amount available

There is no involvement

The consumption of a good or service by one individual does not reduce the amount available

place regulations or taxes on the groups involved in the behavior to reduce the spill-over costs

The market economy depends on free competition to keep prices low and quality high. It also prevents monopolies and trusts

There is no involvement

Tax population and give money to specific individuals and programs

There are certain goods and services that would be underproduced if left to the market

The market economy depends on free competition to keep prices low and quality high. It also prevents monopolies and trusts

Money paid into a business but not the guarantee of a free reward like profits

Putting money into the trash

the potential benefit of a good investment

Ratio of inputs to outputs

Standard of living generally refers to the level of wealth, comfort, material goods and necessities available to a certain socioeconomic class, in a certain geographic area

the skills and knowledge of workers

Investments in capital and technology lead to greater production, more innovation, economic growth, and a higher standard of living

Capital of humans

A curve that demonstrates production

The production process takes inputs and uses them to produce outputs and measures the max combination of two outputs that can be achieved from a given number of inputs

It does not exist

The production process takes outputs and uses them to produce inputs and measures the max combinations of two outputs that can be achieved from a given number of inputs

The opportunity cost is represented as you always have to give up some point A to get more product B

Represents principle of increasing marginal opportunity cost

Does not slope downare

Represents decrease in production

Does not exist

Represents a violin

Represents the opportunity cost

Represents principle of increasing marginal opportunity cost: to get more of something, give up increasing quantities of something else

Change in everything

Change in quantity/quality/technology

Change in land, population, and education

Nothing does

Tech quality, land, population

economic decline

change in quantity, quality, and technology

Cannot shift left

demonstrates the trade-off among choices, given existing institutions, resources, and technologies

The production process takes inputs and uses them to produce outputs. Inputs include land, labor, capital, and entrepreneurs

There are no reasons

Tech quality, land, population, and education.