Duplicate of economics test

Actions or activities bought from someone

Limited resources to meet unlimited wants

Where buyers and sellers meet

Inefficient use of resources

Markets in which households purchase goods and services

Government programs to protect

Rivalry among sellers

Centrally planned economy where government makes all economic decisions

A necessity for survival

Market economy with some government involvement

Level of economic prosperity

Human made goods to produce other goods

The force that encourages people to improve their well being

Ambitious person who combines capital with new ideas

Consumers have the choice to decide what they purchase

Self regulating market place

study of satisfying needs and wants

graph showing most efficient use of resources

When producers can't satisfy the demand

Income people receive for supplying factors of production

Companies must provide all info about their products

Land,labor,capital and entrepreneurship

An alternative we sacrifice in making a decision

To value all final goods and services in a country

Decisions made on a voluntary basis by individuals

To evenly distribute wealth

Goods used to make other goods

A desire

Government has little or no interference

Anyone can compete in the market place

Motivates certain behaviors

Goverment sells industries to others

Necessary for survival

Financial gain from transactions

Most desirable alternatives that is given up

Skills and knowledge gained by a worker

Relies on habit ,costume, or tradition to decide economic questions

Physical objects produced in an economy