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Scaricty a condition ht results because wants are unlimited
opportunity cost value of the next best alternitive given up for the alternative that was chosen
trade-offs sacrifising one good/services to purchase a product
factors of production land, labor, capital, entrepenureship that are used to produce goods/services
production possibilities curve graph showing the maximum combinations of good and services that can be prodused from a fixed format of resources in a givin period time
traditional economy system of which econmic decisions are based on customs and beliefs that have been handed down
command economy system of which government controlls the factors and production and makes all decisions about their uses
mixed economy a system combing characteristics and more then 1 type or economy where both controll production
Created by: BBB1994