Duplicate of Basic Economics

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

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

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

What are the 4 factors of production?

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

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

The struggle between businesses for consumers $dollars$

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

If you worked at a car factory you would be a

Resources are limited but wants are unlimited =

The work that people do

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

When you go to buy a car you are a

An example of a land (natural resource) is

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

People who start a business

Which of the following is considered a capital good

Workers concentrating on one job which creates efficiency in production

Natural Resources

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

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

Prices in a free market are largely determined by