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13 Cards in this Set
- Front
- Back
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Want |
Things people would like to have |
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Resource |
Anything that can be used to make goods and services |
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Economics |
The study of how people use limited resources to satisfy unlimited wants and needs |
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Scarcity |
Not having enough resources to satisfy all one’s needs and wants |
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Factors of Production |
The resources of land, capitol, labor and entrepreneurship |
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Economic System |
A nations way of producing the things its people want and need |
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Microeconomics |
The study of how people make decisions and how those decisions affect others in the economy |
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Macroeconomics |
The study of the economy as a whole. Examines the interactions and behavior of entire nation’s economies. |
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Traditional Economy |
An economic system in which major economic decisions are based on custom or habit. |
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Market Economy |
An economic system in which people and businesses own all resources and make economic decisions based on price. |
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Command Economy |
An economic system in which the government makes the economic decisions |
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Mixed Economy |
An economy in which businesses and individuals make major economic decisions but in which the government also plays a role |
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Trade off |
Giving one option up to get something better |
