Basic Economics

Natural Resources

Economy = Gov't controls all economic decisions, very little real freedom.

Economy = a lot of gov't intervention, private property, high taxes, wealth redistribution

Workers concentrating on one job which creates efficiency in production

Economy = Based largely on customs & beliefs, low productivity, subsistence

The work that people do

The US economy is

Consumers control the market place when they "vote" with their dollars --

Prices in a free market are largely determined by

Macroeconomics is to a hotel as Microeconomics is to the

People who start a business

Economy = great deal of freedom, a laissez-faire gov't, and right to private property is

The tools (tools, money, buildings) that people use to produce goods and services

The knowledge and skills people use to produce a good or service

The total value of all goods and services produced in a country

Resources are limited but wants are unlimited =

Starting a new business or taking a job to make money is known as

The struggle between businesses for consumers $dollars$

Consumers willingly trade their money for the goods and services they want or need is known as-

When you go to buy a car you are a

Limited Government =

If you worked at a car factory you would be a

Legal designation for the ownership of property by non-governmental entities is

An example of a land (natural resource) is

I have to make a choice of how to spend my money, The thing I do not pick is called the