Economics Chapters 1 & 2

Rivalry among producers

The cost of the next best alternative given up for the alternative that was chosen

One advantage of this system is the speed to reroute resources

This is how businesses would use production possibility curves

The Inuit are an example of

The study of how individuals and society use limited resources to fulfill unlimited needs.

An economic system based on customs and beliefs handed down

Factors of production are

An example of a command economy is

Money left over after all costs are paid

The economic system of the United States

Wealth of Nations

Manufactured goods used to make other goods

The dilemma to spend money on weapons or social programs

Government leaders control the factors of production

Let people do as they choose is

The ability to produce greater quantities of goods and services

Sacrificing one good or service to purchase or produce another is an example of

Work that people do

The group that determines what is produced in capitalism.

The ability of people to start new businesses

Capitalism is also this system