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16 Cards in this Set
- Front
- Back
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Production |
The action of manufacturing |
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Scarcity |
Insufficiency |
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Natural resources |
Materials like minerals |
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Labor |
Work |
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Capital goods |
goods that are used in producing other goods, rather than being bought by consumers. |
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Opportunity cost |
the loss of potential gain from other alternatives when one alternative is chosen |
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Trade off |
a balance achieved between two desirable but incompatible features; a compromise. |
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Production possibility curve |
hypothetical representation of the amount of two different goods that can be obtained by shifting resources from the production of one, |
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Command economy |
an economy in which production, investment, prices, and incomes are determined centrally by a government. |
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Market economy |
Decisions of investment are determined ina free price system |
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Market economy |
Decisions of investment are determined ina free price system |
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Mixed economy |
An economic system combining private and public enterprise |
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Market economy |
Decisions of investment are determined ina free price system |
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Mixed economy |
An economic system combining private and public enterprise |
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Tradition economy |
Original economic system based off traditions and customs |
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Profit motive |
The motivation of firms that operate so as to maximize their profits |
