Unit 1 Economics

The alternative that someone gives up when making an economic choice

An economic system based on private ownership of the factors of production

The three main economic goals of every society

All the human time, effort, and talent used to produce goods and services.

An economic system in which the government makes all the economic decisions

A trade in which the parties involved anticipate that the benefits outweigh the costs

An economic system based on individual choice and voluntary exchange

Economic system in which people make economics decisions based on customs and beliefs

A situation that exists when there are not enough resources to meet human wants.

The combination of vision, skill, and organization of the factors of production

The value of something that is given up by choosing one alternative over another

Tangible items that contribute to the productivity of final goods

An economic system that has elements of all systems. The most common economic system

All the natural resources on or under the ground that are used to produce goods and services.

Resources people make and use to produce and distribute goods and services- tools

Economic system where the gov controls the factors of production and political life