Economics Basics

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

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

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

The physical and mental effort required to produce goods and services

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

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

The condition resulting from unlimited wants with limited resources available

An economic system where the government charges very high taxes and provides many services

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

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

When one buyer or seller tries to outdo another

The price at which all product has been sold and demand is fully satisfied

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

The right to own and use things of value

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

That which if given up when purchasing something else

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

Economy system where the government makes important decisions regarding the economy

The study of how people distribute scarce resources

The price of money, the charge for using someone else's capital

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

The monetary value of a property beyond that which is owed on a loan

The right to buy and sell property free of government control