Duplicate of Economics Basics

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

The study of how people distribute scarce resources

When one buyer or seller tries to outdo another

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

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

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

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

The physical and mental effort required to produce goods and services

Economy system where the government makes important decisions regarding the economy

The condition resulting from unlimited wants with limited resources available

That which if given up when purchasing something else

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

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

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

The right to own and use things of value

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

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

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

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