CPAS Review # 1 - Bus. Fund.

An exchange of messages.

economic system where private citizens own & use the factors of production to make a profit

decrease in the general level of prices of goods and services

market structure where a few large sellers dominate and have ability to affect prices

economic facing all societies that results from limited resources and unlimited wants of people

system where factors of production are owned and directed by the state

cost of next best alternative use of money, time, resources when 1 choice is made over another

learner who learns by hearing and listening

economic system where scarce resources & economic activity is result of ritual, habit, custom

rise in the general level of prices

economic sys. where supply, demand, &  price system help people make decisions about resources

code that governs the expectations of social behavior or what we know as our manners

dollar value of all final goods, services & structures produced in a country during one year

market structure characterized by a single producer; form of imperfect competition

resources needed to produce the things we want; land, capital, labor, entrepreneurship