Eco class of 2021 Unit 1

_ are tangible items that people buy.

Land, labor, capital, entrepreneurship and technology are collectively known as the

_ is the economic system in which decisions are based on customs and beliefs

The value of the next best alternative that has to be given up for an action is known as the

According to _ _ gov should not interfere with the market place.

Who investigates stock market fraud such as insider trading?

A _ is the eco system that combines features of market and command economies

_ is the ability of individuals to start new businesses, introduce new products and profit

_ is a situation in which people don't have enough resources to satisfy their needs

_ _ are a simplified representation of the real world used for analytical study

_ is the study of how a society uses their limited resources to meet their unlimited wants

_ are those activities done in return for a fee.

_ is the work people do

Adam Smith's "invisible hand theory" refers to role of _ _ in the market place works.

It is easier to start a business in a _ _ economy.

The fastest legal way to make money is the _ _

Another term for a capitalist system is

_ _ is the desire to make money that motivates people to produce and sell G & S.

Economists build economic models to help _ the way the world works

1 of the 6 eco goals of the US is economic _ or, fairness and justice

A company's office building is an example of a _ _

_ _ _ is the material well-being of an individual or family.

A major characteristic of a pure market economy is the amount of _ for the consumer.

_ is the amount of output that results from a given level of inputs.

In a _ system economic decisions are made by the government.