CE Unit 11: Vocabulary Practice | Economic Foundations

the ownership of property by individuals or private groups rather than by the state or community.

economic decisions based on custom & precedent. People often perform same type of work as their family before them.

process by which sellers offer better products, lower prices, & other advantages to choosing their products over others

the interests that members of a community share in common or to the facilities that serve the interests of a community

people who use their knowledge, skill, training, and experience needed to produce goods & services within their economy.

Things that can be obtained or produced for sale, items for sale to fulfill purchasers wants and/or needs.

materials and energy that occur naturally and are used in economic activities.

economic system; centralized government controls means of production & determines output levels & prices of goods & serv

any resource, such as water or land, that provides users with tangible benefits but which nobody has an exclusive claim

activities provided by other people, such as lawyers, teachers, or barbers.

the combining of human, natural, and capital  resources through entrepreneurship to make goods or provide services.

any human-made tool or resources used by humans to create goods and services.

the portion of the economy that consists of government controlled entities, such as public services and regulation.

the factors of production that are used in the production of goods and services.

the value of the next-highest-valued alternative use of that resource.

perceived worth of a good or service, determined by people's preferences and the trade-offs they choose.

the process of starting and launching a business and includes the willingness and ability to take on that business risk.

Wants are things that a person would like to have but are not needed for survival.

a situation in which something is not easy to find or get

economic ideology calls for a classless society; all property & wealth are communally owned & controlled by government