Economics Basics

Economics system that combines command and market economies.

Process which rational consumers seeking their own happiness or utility make choices.

Unlimited wants and limited resources

Government officials makes all economic decisions in this economy.

Study of how people produce, distribute, and use services and goods.

Descriptions of a country's way of answering 3 economics questions.

Multiple things you give up in order to something else

Cost or benefit that motivates producers and consumers.

One who uses a variety of mathematical tools to measure the health of the economy.

Measure of happiness.

Decisions--what to produce, how to produce, who receives it are made by people in this economy.

What to produce? How to produce? Who to produce it for?

Next best alternative given up to do something else.