Economics

Choices that are made between one thing or another

Items that we desire but are not necessary for survival

What is the Traditional economic system

The people who do the work like nurse, doctor, carpenter, mechanic, maid, teacher,

Activities done for others for a fee, cleaning a home, washing windows, fixing a car

What is open competition between two companies

The belief that economies and businesses function best when there is no say from the government

all the property that people use to make goods and services

describes the use of science to develop products and new methods for producing goods/services

When the quantity supplied does not equal to quantity demanded by the market

items people buy that are tangible, or you can handle, like shoes, clothes, car, radio, phones

The desirable alternative that you gave up as the result of a decision from a choice

The ability of individuals to start new businesses, introduces new product, new services,

The point when quantity demanded and quantity supplies are equal

Things that we need to survive like shelter, food, water, clothing, electricity, gas, medicine

Natural and mineral deposits like oil, coal, trees for lumber, fertile soil

A good or service that is temporarily not available

Anything the people can use to make or obtain what they want or need

Describes a market dominated by a few large, profitable firms

The combined resources of land, labor, capital, and entrepreneurship

the ability to produce more quantities of goods and services in a faster way at the best cost

People cannot have enough income, time, or others resources to satisfy their every desire.

How a nation uses its economy and uses their resources to satisfy their peoples needs and wants

When a market is controlled by a single provider of a good or service