Economics Basics

A physical object that you want is known as a ______________.

Advantage: wise use of resources, government balances economy, disadvantage: little freedom

Economy is controlled by the government who owns and operates the manufacturing.

Mixture of government control and free enterprise in the economy. Government runs some things.

Food, iPhone, vacations to various places, going to a concert, cars, etc. are all examples of..

Advantage the free economy also means other freedoms, Disadvantage no gov. help w/ the economy 

Advantage: don't overuse resources and feel sense of worth, Disadvantage: many live in poverty 

Kind of system where most people are farmers and barter and trade for goods. Little surplus.

The study of the decisions people make because oftheir unlimited wants and limited resources

Advantage: the gov. can control some things. Disadvantage blurred line between private & public

WHAT YOU GIVE UP WHEN YOU DO ONE THING OVER ANOTHER is called....

Someone doing your taxes would be an example of a _________________________. 

The things used in producing goods or providing services that help supply your wants are...

This is what happens when you have unlimited wants, butlimited resources. 

An economy run by the market itself: follows the rules of supply and demand. No gov. involved

Land, Labor, Capital, and Entrepreneurship are the....