Unit 1: Economics Basics Review

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

When one buyer or seller tries to outdo another

Which # represents a firm receiving labor from an individual?

What could cause a shift from point D to point B on the PPF curve?

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

What could cause this kind of shift in the PPF curve?

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

Economy system where the government makes important decisions regarding the economy

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

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

That which if given up when purchasing something else

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

The right to buy and sell property free of government control

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 study of how people distribute scarce resources

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

Which # represents the monetary flow from a consumer buying an item from a firm?

The condition resulting from unlimited wants with limited resources available

The right to own and use things of value

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

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

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

What does point C represent in this PPF curve?