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Krise Econ Ch 13

QuestionAnswer
HOW MUCH QUANTITY
LITTLE GOVERNMENT CONTROL OVER HOW PEOPLE UNDERTAKE ECONOMIC ACTIVITY IN A MARKET ECONOMY FREE ENTERPRISE
THE GOVERNMENT MAKES ALL MAJOR ECONOMIC DECISIONS COMMAND ECONOMY
RESOURCES NEEDED TO PRODUCE FACTORS OF PRODUCTION
THE DIFFERENCE BETWEEN WHAT IT COSTS TO PRODUCE SOMETHING AND THE PRICE A BUYER PAYS PROFIT
AN ECONOMIC SYSTEM WHERE PEOPLE MAKE THEIR OWN ECONOMIC DECISIONS CAPITALISM
AN ECONOMY THAT IS A COMBINATION OF THE THREE ECONOMIC SYSTEMS MIXED ECONOMY
THE BUYING OR USING OF GOODS AND SERVICES CONSUMPTION
AN ECONOMY IN WHICH BASIC DECISIONS ARE MADE ACCORDING TO TRADITION TRADITIONAL ECONOMY
RESOURCES ARE ALWAYS LIMITED COMPARED WITH THE NUMBER OF WANTS PEOPLE HAVE SCARCITY
PRIVATE INDIVIDUALS MAKE THEIR OWN DECISIONS ABOUT PRODUCTION, DISTRIBUTION, AND CONSUMPTION MARKET ECONOMY
WHAT IS GIVEN UP WHEN YOU CHOSE SOMETHING ELSE OPPORTUNITY COST
USE YOUR MONEY TO HELP A BUSINESS GET STARTED INVEST
APPLICATION OF SCIENCE TO IMPROVE COMMERCE AND INDUSTRY TECHNOLOGY
ANYTHING PRODUCED IN AN ECONOMY THAT IS USED TO PRODUCE OTHER GOODS AND SERVICES CAPITAL
PROCESS BY WHICH GOODS AND SERVICES ARE MADE AVAILABLE TO THE PEOPLE WHO WANT THEM DISTRIBUTION
Created by: krisestu
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