Young-L 1-3 review economics

This economy is based on traditions and belief systems

Involves high risk taking and probably A LOT of worked hours to succeed

The USA and Brazil use this type of system

Transaction where buyer and seller exercise theri economic freedom

Branch of economic theory that studies behavior and decision making on a small scale

The supply curve moves

Government has total control over economy

Process of freely exchnging goods and services between buyers and sellers

Desire to make money

Which of these are NOT one of the four factors of production?

Ability for people to purchase goods and services at various prices at various periods of time.

The study of how individuals, families, businesses and societies use limited resources to fullfill their unlimited wants

The degree of responsiveness of change in quantity supplied to a change in price.

System in which government minimizes its interference with the economy

The father of Economics