Economics Basics

Mixture of government control and free enterprise in the economy. Government runs some things.

This is what happens when you have unlimited wants, butlimited resources. 

Someone doing your taxes would be an example of a _________________________. 

Land, Labor, Capital, and Entrepreneurship are the....

An economy run by the market itself: follows the rules of supply and demand. No gov. involved

The study of the decisions people make because oftheir unlimited wants and limited resources

Economy is controlled by the government who owns and operates the manufacturing.

Advantage: the gov. can control some things. Disadvantage blurred line between private & public

Kind of system where most people are farmers and barter and trade for goods. Little surplus.

Advantage: wise use of resources, government balances economy, disadvantage: little freedom

WHAT YOU GIVE UP WHEN YOU DO ONE THING OVER ANOTHER is called....

Advantage: don't overuse resources and feel sense of worth, Disadvantage: many live in poverty 

The things used in producing goods or providing services that help supply your wants are...

Food, iPhone, vacations to various places, going to a concert, cars, etc. are all examples of..

Advantage the free economy also means other freedoms, Disadvantage no gov. help w/ the economy 

A physical object that you want is known as a ______________.