Duplicate of Economics Basics

Economic system which has strong controls on the economy but also private property

Items created by nature that are used to create goods and services

Economic system where buyers and sellers interact to determine who gets what

The right to own and use things of value

In a market economy these serve to ration scarce resources and motivate production

Type of economy where things are done the way they have always been done

The study of how people distribute scarce resources

The person who assembles the factors of production in hopes of earning a profit

As prices go up, consumers want to buy less and less of a product

The price of money, the charge for using someone else's capital

When one buyer or seller tries to outdo another

An economic system where the government charges very high taxes and provides many services

Economy system where the government makes important decisions regarding the economy

Cuba and China have this type of economic system where everything is owned by the government

That which if given up when purchasing something else

The right to buy and sell property free of government control

The price at which all product has been sold and demand is fully satisfied

The physical and mental effort required to produce goods and services

The condition resulting from unlimited wants with limited resources available