Basic Economics

Natural Resources

People who start a business

The struggle between businesses for consumers $dollars$

Consumers willingly trade their money for the goods and services they want or need is known as-

Workers concentrating on one job which creates efficiency in production

I have to make a choice of how to spend my money, The thing I do not pick is called the

Prices in a free market are largely determined by

The total value of all goods and services produced in a country

The work that people do

The US economy is

Economy = Based largely on customs & beliefs, low productivity, subsistence

Limited Government =

Starting a new business or taking a job to make money is known as

An example of a land (natural resource) is

Economy = Gov't controls all economic decisions, very little real freedom.

Consumers control the market place when they "vote" with their dollars --

When you go to buy a car you are a

Macroeconomics is to a hotel as Microeconomics is to the

Resources are limited but wants are unlimited =

If you worked at a car factory you would be a

Economy = great deal of freedom, a laissez-faire gov't, and right to private property is

Economy = a lot of gov't intervention, private property, high taxes, wealth redistribution

The tools (tools, money, buildings) that people use to produce goods and services

The knowledge and skills people use to produce a good or service

Legal designation for the ownership of property by non-governmental entities is