Duplicate of Economics Basics

The study of how people distribute scarce resources

Items created by nature that are used to create goods and services

Economic system where buyers and sellers interact to determine who gets what

As prices go up, consumers want to buy less and less of a product

That which if given up when purchasing something else

The physical and mental effort required to produce goods and services

Economic system which has strong controls on the economy but also private property

The condition resulting from unlimited wants with limited resources available

The person who assembles the factors of production in hopes of earning a profit

His book, The Wealth of Nations, defined market economics for the first time 

The idea that each successive slice of pizza is worth less and less illustrates the concept of

When one buyer or seller tries to outdo another

In a market economy these serve to ration scarce resources and motivate production

Cuba and China have this type of economic system where everything is owned by the government

French term for the philosophy that says the government should stay out of the economy

Economy system where the government makes important decisions regarding the economy

Type of economy where things are done the way they have always been done