Econ Chapters 1-2 Study Guide! (╯°□°）╯︵ ┻━┻

Organized way a society provides for the wants and needs of its people .

What is the opportunity cost from point B to C?

The benefits you could have received by taking an alternative action.

Ability to produce more things

The government regulates a small portion

Equality in trades / jobs. 

If something seems like it is free, there is always a cost for someone else. (No free lunch)

Prices in an economy don't change much over time.

Which country has a free (eagle screeches through the clouds)  market economy?

An economy where an authority has "Command" over production, investment, prices, and incomes 

Rise in the general level of prices ( Example: The value of the us dollar is increased )

Traditions, customs, and beliefs shape the goods and the products the society creates.

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An income that does not increase even though prices go up.

  The study of the production and consumption of goods.

 An economic system in which private citizens own and use the factors of production for profit.

Act of sellers freely and willingly engaging in market transactions.

Benefits of having a stable income if you become disabled, and can't work. 

Which point on the graph is impossible?

 Land, labor, capital and entrepreneurship.

Which point is least efficient?