Economics: the basics

Economy is controlled by the government who owns and operates the manufacturing.

The study of the decisions people make because oftheir unlimited wants and limited resources

Someone doing your taxes would be an example of a _________________________.

Wealthy country.....

Energy sources are usually a ___________ factor of production

Person who runs a business is ________________________ factor of production

WHAT YOU GIVE UP WHEN YOU DO ONE THING OVER ANOTHER is called....

Land, Labor, Capital, and Entrepreneurship are the....

The things used in producing goods or providing services that help supply your wants are...

Glass is a _____________ resource

Food, iPhone, vacations to various places, going to a concert, cars, etc. are all examples of..

This is what happens when you have unlimited wants, but limited resources.

All the equipment of a business....

A physical object that you want is known as a ______________.

money is often used as a

An economy run by the market itself: follows the rules of supply and demand. No gov. involved