foe

Anything that takes away something from you (Time, Money, Opportunity)

Free Market, Free Enterprise, or Capitalism

Paid to those who lost their jobs, must show an effort to gain employment.

An economic situation related to opportunity cost in which one thing is given up to do something else.

The imposition of rules and restrictions by the government on economic activities to achieve socialoreconomic objectives

Land, labor, capital, and entrepreneurship

Something vital to sustain one's life

The amount of goods/services created.

Government initiatives aimed at redistributing income and wealth to address social and economic inequalities

The study of choices and how a society allocates scarce resources

The change in total cost of an item when the quantity produced changes by one unit.

Factors of production used in making goods and services.

Increased costs of doing business, higher prices, higher taxes due to increased government spending.

The government will provide a safety net in times of economic downturn

When resources are limited and the need for a good or service is higher for a society than what is produced.

When each worker performs a specific task in production.

Aneconomicsystemwhereindividualsarefreetoownandcontrolthefactorsof productionandmakeeconomic decisionsbasedonmarketforce

An economic system based on private ownership of the means of production and the creation of goods and servicesforprofit

Economic systems that combine elements of market and command economies, allowing for both private and government control

Not using all productive resources available

The process of separating tasks in production and assigning different tasks to different workers.

Freedom to buy or sell what we want, and make choices with little interference by the government.

Skills, abilities, and specialized talents of people.

When marginal benefits are greater than marginal costs.

One of the factors of production, referring to resources taken from the earth during production.

The efficiency with which resources are utilized to produce goods and services.

An additional or extra benefit associated with an action

Something not vital to sustain life

Anything that brings value

Resources used to make things

Money used by entrepreneurs and businesses to buy what they need to produce their goods or services.

Using all productive resources to their full potential

According to the goals and values it holds dear.

The principle that as more of something is consumed, the extra benefit declines.

The resources used in the production of goods and services, including land, labor, capital, and entrepreneurship.

Economic systems in which the government makes decisions about what to produce and consume.

One of the main factors of production, measuring the work done by people.

Method of distribution of goods and services

Paid to workers who are injured on the job.

What goods and services should be produced, How should these goodsandservicesbeproducedWhoconsumesthesegoodsandservices?

Profit motive, people and organizations are driven to make money.

Paid to the elderly and disabled.

The legal rights to use, control, and obtain benefits from a resource or property.

rationing of a resource based on who can afford the price set by the market

The act of buyers and sellers freely and willingly engaging in market transactions.

The process of selecting the best alternative from a set of options based on rational or irrational considerations.

Social Security, Unemployment, Worker's Compensation.

Human made objects used to create other goods and services.

The value lost when one alternative is chosen over another.

Human effort devoted to a task for which the person is paid.

when marginal benefits are bigger than marginal cost.

The allocation of resources to create future benefits, such as the purchase of machineryeducation and training of worker

Economic systems in which individuals and businesses make decisions about what to produce and consume.

An arrangement of buyers or sellers for exchange.

The study of choices and how individuals and groups seek to satisfy wants and needs in light of scarcity.

Soviet Union, North Korea, Cuba

Legal Equality, Private Property, Free Contract, Voluntary Exchange, and Competition among sellers.

They are efficient, highly productive, and respond rapidly to change.

When marginal costs are bigger than marginal benefits.

A graph rep of the max combination of goods and services that can be produced given existing resources and technology.

A person who takes the risk of a new business enterprise.

The process of identifying opportunities, taking risks, and organizing resources to create value.

The value of the next best alternative foregone when a decision is made.

Fair work for fair pay; being paid according to your skill level.

Making the most of scarce resources, using your resources wisely and productively.

The means by which societies organize and distribute resources and goods and services.

This is equipment and factories used in the production of goods and services

Scarcity

Any factor, usually financial, to influence one choice over another by an individual or business.

The fundamental dilemma of limited quantities of resources to meet unlimited wants and needs.

A tool or equipment used to produce other goods.

Using resources that could bring immediate benefits for the purpose of gaining greater benefits at a later time.

The social goal that explains why so many people support laws against wage and job discrimination