Term
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Definition
| Level of economic prosperity. |
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Term
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Definition
| An alternative we sacrifice when we make a decision. |
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Term
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Definition
| The effort that people devote to a task for which they may be paid. |
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Term
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Definition
| The study of how people seek to satisfy their needs and wants by making choices. |
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Term
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Definition
| The financial gain made in transaction. |
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Term
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Definition
| The Force that encourages people and organizations to improve their material well-being. |
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Term
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Definition
| Property owned by individuals or companies, not by the government or people as whole. |
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Term
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Definition
| Something like air, food, shelter that is necessary for survival. |
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Term
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Definition
| Government programs that protect people experiencing unfavorable economic conditions. |
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Term
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Definition
| A situation in which good or service in unavailable, or a situation in which the quantity demanded is greater than quantity supplied, also known as excess demand. |
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Term
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Definition
| Natural resources that are used to make goods and services. |
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Term
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Definition
| Any human-made resources that is used to create other goods and services. |
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Term
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Definition
| Using fewer resources than an economy is capable of using. |
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Term
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Definition
| To sell to individuals state-run firms, which are then allowed to complete with one another in the marketplace. |
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Term
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Definition
| Economic system in which the central government makes all decisions on the production and consumption of goods and service. |
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Term
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Definition
| An organization that uses resources to produce a product which it then sell. |
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Term
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Definition
| Land, labor and capital; the three groups of resources that are used to make all goods and services. |
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Term
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Definition
| The power of consumers to decide what gets produced. |
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Term
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Definition
| An item we desire but that is not essential to survival. |
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Term
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Definition
| An arrangement that allows buyers and sellers to exchange things. |
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Term
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Definition
| The process used to produce a good or service. |
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Term
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Definition
| Economic system that combines the free market with limited government involvement. |
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Term
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Definition
| Physical objects such as clothes or shoes. |
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Term
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Definition
| An economic system characterized by private or corporate ownership of capital goods; investments that are determined by private decisions rather than by state control; and determined in a free market. |
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Term
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Definition
| A person or a group of people living in the same residence. |
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Term
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Definition
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Term
| Traditional Economic System |
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Definition
| Economic system that relies on habit, custom, or ritual to decide questions of production and consumption of goods and services. |
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Term
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Definition
| The method used by a society to produce and distribute goods and services. |
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Term
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Definition
| Doctrine that states that government generally should not intervene in the marketplace. |
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Term
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Definition
| Using resources in such way as to maximize the production of goods and services. |
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Term
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Definition
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Term
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Definition
| Term economists use to describe the self-regulating nature of the marketplace. |
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Term
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Definition
| All human-made goods that are used to produce other goods and services; tools and buildings. |
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Term
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Definition
| The most desirable alternative given up as the result of a decision. |
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Term
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Definition
| Market in which money is lent for periods longer than a year. |
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Term
| Production Possibilities Curve |
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Definition
| A curve that shows alternative ways to use an economy's resources. |
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Term
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Definition
| The struggle among producers for the dollars of consumers, the rivalry among sellers to attract consumers while lowering cost. |
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Term
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Definition
| Economic system in which decisions on production and consumption of goods and services are based on voluntary exchange in markets. |
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Term
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Definition
| Ambitious Leader who combines land, labor and capital to create and market new goods and services. |
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Term
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Definition
| The concentration of the productive efforts of individuals and firms on limited number of activities. |
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Term
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Definition
| A range with no clear division. |
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Term
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Definition
| Steady, long-term increase in real GDP. |
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Term
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Definition
| Period of change in which an economy moves away from a centrally planned economy toward a market-based system. |
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Term
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Definition
| Limited quantities resources to meet unlimited wants. |
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