ECON UNit 1

Expansion of the economy to produce more goods, jobs, and wealth

Economic system in which the government minimizes its interference in the economy

A situation in which people do not have enough resources to satisfy every desire

Economic system in which economic decisions are made by the government

Sacrificing one good or service to purchase or produce another

Money left over after all the costs of production have been paid

The material well-being of an individual, group, or nation

Manufactured goods used to make other goods and services

Economic system in which economic decisions are made by individuals rather than the government

Tangible items that people buy

Economic system that combines features of market economy and command economy

The ability to start new businesses, new products/ processes, improve management techniques.

Land, labor, capital, and entrepreneurship

Economic system in which decisions are based on customs and beliefs

The work people do

Activities done for a fee

Economic fairness and justness

Desire to make money that motivates people to produce and sell goods and services

Rivalry among producers to win business

The study of how people use limited resources to fulfill their unlimited wants.