Bearden Econ Module 1-Topic's 1, 2, & 6 Vocab

A graph used to illustrate the impact of scarcity on an economy

The ability to prosper in a country without intervention from government or economic authority

What happens as production of one item switches to the production of another item?

All the resources people make and use to produce and distribute goods and services

The combination of vision, skill (Jeff Bezos; Bill Gates; Warren Buffet also employ people!)

An economic system in which the government owns some or all of the factors of production

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

The alternative that someone gives up when making an economic choice (think PPC)

A PPC (Graph) compares

Why is the subject of the graph unable to produce any shoes when it grows 21 million tons of watermelons?

An economic system based on individual choice and voluntary exchange

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

an asset that maintains its value without depreciating

Human capital is the knowledge and skills that enable workers to be productive

An economic system in which the government makes all economic decisions

Identify the physical capital in thisphoto.

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

An economic system that has elements of all systems; the most common economic system

This image of nearly empty shelves of bottled waterindicates

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

intermediary instrument or system used to facilitate the sale, purchase or trade of goods between parties (currency)

Increase in a country's productive capacity, measured with GNP and GDP.

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

Human capital is the tangible items that contribute to the productivity of final goods

economic system in which there is no private ownership of property & little or no polit freedom