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| how ppl balance wants and needs w/ scarcity |
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| resourses used to produce things we would like to have (land, labor, capital, and entrepreneurs |
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| risk taker in search of profits |
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| using money wisely w/ choices you make |
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| Gross Domestic Product (GCP) |
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| rely on others places to get stuff as they rely on us |
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| Free Enterpise Economy (market economy) |
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| when something that is important to your life have less value than something that's not important |
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| Productions Possibilities Frontier |
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| diagram that represents how much a company can produce when fully employed |
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| productivity (economic efficiency) |
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| measure amt of output produced by a given amt of in a specific period of time |
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| extra cost when something is added to a product |
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| vote for what is best by buying what you want |
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| freedom to make choices in the economy |
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| exchange of goods voluntarily |
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| system that has a central authority that makes ecomonic decisions |
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| Division af Labor (specialization) |
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| doing jobs your better at |
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| gov.'t control over economy |
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| removal of gov.'t activity on business |
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| life based on necessities and luxuries which make life easier |
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