Unit 1 Vocab ECON

way of expressing or communicating a need

Economic system that is characterized by a central authority that makes ALL decisions

diagram representing maximum combinations of efficiency of the production of goods and services

the struggle among sellers to attract consumers while lowering costs

how much money you make

fundamental economic problem facing all societies that result from scarce resources + wants

basic requirement for survival

economy in which competition is allowed to flourish with limited government interference

tangible economic product that is useful, scarce, transferable to others

dollar value of all final goods + services produced within a country's borders in a year

assignment of tasks so that each worker performs fewer functions more frequently

social science dealing with the study of how people satisfy wants in spite of scarcity

organized way a society provides for the wants and needs of its people

economic system in which citizens own + use the factors of production to generate profits

alternatives that must be given up when one is chosen over another

tools, equipment and factories used in production

economic system in which supply, demand and price help people make decisions

meeting place allowing buyers and sellers of an economic product to come together

role of the consumer as ruler of the market

market where productive resources are bought and sold

market where goods and services are offered for sale

cost of the next best alternative use of money, time and resources

natural resources not created by human effort

land, labor, capital, entrepreneurship

sum of people's skills, abilities, health and motivation