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| the force that encourages organizations to promote interior well being. |
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| A period of Macroeconomic expansion followed by a period of contraction. |
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| total value of all goods and services produced in a particular economy. |
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| The study of economic behavior and decision making in small units such as individuals, families, and businesses. |
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| The study of behavior and decision making in entire economies. |
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| All human made goods that are used to produce other goods and services. |
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| the skills and knowledge gained by a worker |
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| Production possibility curve |
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| a curve that shows alternative ways to use an economy's resources |
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| uses resources in such a way as to maximize production. |
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| the concentration of produce efforts of individuals and firms on a limited number of activities. |
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1. market- no govnt control
2. command- govnt makes decisions
3. mixed- individuals and govt
4. specialization |
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| Place for buyers and sellers to exchange |
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| A shared good or service for which it would be impractical to make consumers pay individually and exclude non payers |
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| A situation in which decisions on a production and consumption of goods and services are based on voluntary exchange markets. |
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| An economic side effect of a good or service that generates benefits or costs to someone other than the person deciding how much to produce or consume. |
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| And income level below which income is insuffient to support families or a household. |
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| DQ: Why have most command economies moved towards a market based economy? |
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| Most command economies have moved towards a market based economy because of economic efficiency, which means they can respond to changing conditions and produce what the consumer wants. Economic freedom is another reason. Economic Freedom allows workers to work where they want. Finally, economic growth. entrepreneurs can contribute new ideas that would not have been allowed under the government control of a command economy. |
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| Describe the advantages of a mixed economy |
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| A mixed economy allows economic freedom, while allowing the government to intervene to keep order and promote general welfare. |
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Competition is the regulating force in a market.
The driving force in an economy is self interest. |
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