ECON UNit 1

Sacrificing one good or service to purchase or produce another

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

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

Land, labor, capital, and entrepreneurship

The work people do

Economic system that combines features of market economy and command economy

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

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

Tangible items that people buy

Economic system in which economic decisions are made by the government

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

Economic system in which decisions are based on customs and beliefs

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

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

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

Economic fairness and justness

Activities done for a fee

Rivalry among producers to win business

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

Manufactured goods used to make other goods and services