how goods are produced and distributed in a society
giving up one good or service to get another
what are factors of production?
anything used to produce goods and services
actions that statisfy wants and needs
how a society uses its resources to meet its wants and needs; the amount of competition in an economy
when was Adam Smith born?
Adam smith didn't believe in ------ & ------
shortages & surpluses
Characteristics of the American Economy
1.Limited role of the government
2. freedom of choice
3. private property
5. protection for disadvantaged
what are types of economic systems
1.how a society answers the three economic questions
2.how much competition is in a society
Factors are the of production (4) (list)
how do we test economic theories?
1. past events are carefully analyzed
2. theories are tried and results are carefully analyzed