Free Enterprise Unit 1 HELP WORDS!!!!
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11 terms
Terms | Definitions |
|---|---|
 how goods are produced and distributed in a society | economy |
| giving up one good or service to get another | trade-off |
| what are factors of production? | anything used to produce goods and services |
| actions that statisfy wants and needs | services |
| how a society uses its resources to meet its wants and needs; the amount of competition in an economy | economic system |
| when was Adam Smith born? | 1723 |
| 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 4.competition 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) | 1. Land 2. labor 3.capital 4.entrepreneuership |
| how do we test economic theories? | 1. past events are carefully analyzed 2. theories are tried and results are carefully analyzed |
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