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Ch13 civics

study guide to chapter 13 civics test

QuestionAnswer
factors of production the resources people have for producing goods and services to satisfy their wants.
capital anything produced in an economy that is used to produce other goods and services.
consumption the act of buying or using gods and services.
opportunity cost the highest valued benefit given up when a choice is made.
scarcity means that resources are always limited compared with the number and variety of wants people have.
technology the practical application of science to commerce or industry.
quantity amount.
traditional economy the basic economic decisions are made according to long established patterns of behavior that are unlikely to change.
command economy the government or a central authority owns or controls the factors of production and makes the basic economic decisions.
market economy a system in which private individuals own the factors of production and are free to make their own choices about production, distribution, and consumption.
profit the difference between the total cost of production and the revenue received from buyers.
invest to use $ to help a business get started or grow with the hope that the business will earn a profit in which you can share.
free enterprise refers to the system in which individuals in a market economy are free to undertake economic authority with little or no control by the government.
capitalism a system in which people make their own decisions about how to save resources as capital and how to use their capital to produce goods and provide services.
mixed economy one that is a mixture of the 3 basic systems
Created by: EdwardIV
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