Economics Basics

The person who takes the risk to start a business

Something desired that makes life more enjoyable

Economy with no government involvement and where profit is the motive

Something someone does for someone else

The effort someone puts in to make a thing for which they are paid

Something a person gives up for something else

When your lessen your opportunity cost

The most desired thing given up in favor of something else

Something physical produced for sale

When people are in charge of what is produced by making choices in the market

This result because everything is finite

Type of economy with capitalist ideals coupled with some government regulation

Something necessary to live

Economy with an authoritarian group in charge of making the decisions for society without democracy

Society where econmic decisions are democratically made and wealth distributed broadly

All man made things used to make a good

Something a company gives up in favor of something else

When a producer cannot or will not offer goods at current prices

The experience and knowledge a worker gains over time

Something society gives up in favor of something else

Making military goods instead of civilan goods

Study of how people make decisions to fulfill their wants and needs.

The main factors of production are called this

All natural resources used to make a thing

Term meaning the government is "hands off" the economy