Basic Problem of Economics / Economic Systems

Tangible objects that can satisfy people's wants and needs.

Value of the next best alternative given up for what was chosen

Previously manufactured goods used to make other goods and services

Competition forces business to

What trade off is involved when you buy a hamburger

The need to make choices arises because

As an economic term, land refers to

The basic problem of Economics is

How individuals and societies make choices about scarce resources to fulfill wants and needs.

One advantage of a traditional economy is..

In a command economy, the factors of production are decided by whom

To an economist, a want is

Visual aid that helps a business determine how best to use its resouces

Money the government collects from citizens through taxes

The four factors of production are the resources of land, labor, capital and...

Advanced knowledge leading to new and improved goods and services and better ways to produce.

Human Effort directed toward producing goods and services

Whatever is owned by individuals, not the government

In a free enterprise system, who makes the decision about what should be produced

Almost all economic systems are...