Econ Word Scramble
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| Question | Answer |
| 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
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