Economics Basics

America's first Secretary of Treasury, he is considered the father of US economics

The right to buy and sell property free of government control

The study of how people distribute scarce resources

Economy system where the government makes important decisions regarding the economy

The condition resulting from unlimited wants with limited resources available

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

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

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

The physical and mental effort required to produce goods and services

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

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

The right to own and use things of value

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

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

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

When one buyer or seller tries to outdo another