Economics Systems and Economic Tools

An economic system w/no government so that firms account for all production.

Set of mechanisms & institutions that resolve the who, what, how & for whom ?'s for an economy

Ability to make something using fewer resources that other producers require.

Worker, firm, region or country w/the lowest opp cost of production should produce that good

Anything that everyone is willing to accept in exchange for goods & services.

An economic system combining aspects of central planning & competitive markets

An expansion of the economy's ability to produce.

Shows possible combos of 2 types of gds that can B prod when avail resources R used efficiently

Producing the maximum possible output from available resources.

Organizing the production of goods into separate tasks to be carried out by separate workers.