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World Economies

QuestionAnswer
Special goods, such as equipment, machines, and buildings, that are used to produce other goods and services. Capital Resources
The people who work to produce goods and services. Human Resources
The “gifts of nature” used to produce goods and services. They are present without human intervention. Natural Resources
Because resources are limited, you can’t have everything you want. People must make choices. Scarcity
The value of the best alternative given up. It is the most valuable alternative that you don’t choose when you make a decision. Opportunity Cost
When people get to make every economic decision. Market Economy
When customs and beliefs guide economic decisions. People continue to do the same things year over year because it's how they've always been done. Traditional Economy
When the government makes every economic decision. Command Economy
A combination of all economic types. People and government both make economic decisions. Mixed Economy
Created by: jhoogland
 

 



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