ECON UNit 1

The ability to start new businesses, new products/ processes, improve management techniques.

Economic system in which economic decisions are made by individuals rather than the government

A situation in which people do not have enough resources to satisfy every desire

The work people do

Rivalry among producers to win business

Economic system in which the government minimizes its interference in the economy

Manufactured goods used to make other goods and services

Desire to make money that motivates people to produce and sell goods and services

Economic fairness and justness

Economic system that combines features of market economy and command economy

Economic system in which decisions are based on customs and beliefs

Money left over after all the costs of production have been paid

The study of how people use limited resources to fulfill their unlimited wants.

Sacrificing one good or service to purchase or produce another

The material well-being of an individual, group, or nation

Activities done for a fee

Tangible items that people buy

Land, labor, capital, and entrepreneurship

Economic system in which economic decisions are made by the government

Expansion of the economy to produce more goods, jobs, and wealth