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Objective 1.0

Mixed Economy Combines elements of command and market economies
Entrepreneurial Resources To combine human, natural and capital resources
Opportunity Cost Value of the next-best alternative that is forgone to produce or obtain another object
Competitors Businesses that offer the same goods to the same customers
Producers Individuals and organizations that determine which goods and services will be available for consumption
Economic Decision Making Process of choosing which needs or wants will be satisfied
Economic Resources Means from which goods and services are produced
Private Property Right to purchase, use and discard things of value
Services Activities that can be consumed at the time of purchase to satisfy needs and wants
Scarcity Exists when wants and needs exceed resources available
Economics The study of the decisions made for production, distribution, and consumption of goods and services to satisfy needs and wants
Needs Necessities required for living
Consumer Buys and uses the goods and services
Capital Resources Goods and money used in the production of goods and services
Natural Resources Raw materials supplied by nature
Human Resources People using efforts, knowledge, and skills at work to produce goods and services.
Free Enterprise Economic system which freedom to consume and produce goods and services exists
Traditional Economy Economic system in which decision are based on customs and centered on family
Goods Items purchased to satisfy needs and wants
Profit Money left after selling goods and services and costs of operating a business have been paid
Wants Items purchased to add comfort and pleasure to life
Marketplace Any place where goods and services are exchanged
Tradeoff Process of giving up something for gaining something else
Market Economy Goods and services are owned and controlled by the people
Freedom of Choice Opportunity to make choices of goods and services and accept consequences of decisions
Command Economy Economics system in which the government own resources and dictates what is produced.
Market Price The point where supply and demand meet
Gross Domestic Product (GDP) The total dollar value of all the final goods produced in a county during one year
GDP Per Capita Output per person
Productivity Production output in reltion to a unit of input
Business Cycle Movement of the economy from one condition to another and back again
Prosperity Most people who want to work are working, businesses produce goods and services in record numbers, wages are good, and the GDP growth increases.
Recession Demand begins to decrease, businesses lower production, unemployment begins to rise and GDP growth slows for two or more quarters.
Depression Marked by a prolonged period of high unemployment, weak consumer sales and business failures.
Recovery Unemployment begins to decrease, demand for goods and services increses, and GDP begins to rise.
Inflation Increase in the general level of prices
Deflation Decrease in the general level of prices
Created by: mercerp53