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Chapter 13

QuestionAnswer
Not having enough of something for everyone's use. (the #1 problem in economics) Scarcity
The highest valued benefit given up when a choice is made. Opportunity Cost
The making of goods and services. Production
The delivery of goods and services. Distribution
The act of buying or using goods and services. Consumption
The resources people have for producing goods and services to satisfy their wants. Factors of Production
The basic economic decisions are made according to long-established patterns of behavior that are unlikely to change. Traditional Economy
A system in which private individuals own the factors of production and are free to make their own choices about produciton, distribution, and consumption. Market Economy
The government or a central authority owns or controls the factors of production and makes the basic economic decisions. Command Economy
The rewards that people get when they work hard. Profit Motive
Created by: mmize
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