Econ Basics

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

Economy = Based largely on customs & beliefs, low productivity, subsistence

Macroeconomics is to a hotel as Microeconomics is to the

The struggle between businesses for consumers $dollars$

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

When resources are limited but wants are unlimited, this produces...

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

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

People who start a business

If you worked at a car factory you would be a

Natural Resources

Economy = great deal of freedom, a laissez-faire gov't, and right to private property is

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

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

The work that people do

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

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

The resources necessary in the want/need satisfaction chain are known as...

Workers concentrating on one job which creates efficiency in production

When you go to buy a car you are a

The US economy is

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