Create an account
person who attempts to start a new business or introduce a new product, risking economic failure in return for the possibility of financial gain
process in which producers and consumers agree to provide one type of it in return for another
in order to avoid the problems of barter, goods and services are assigned this; can be expressed as an amount of money, or a price
events or developments in one region of the world or sector of the economy influence events/developments in other regions/sectors
individuals answer the 3 basic economic questions; gov. has no say in what, how, for whom goods are produces, & the factors of production are owned by individuals.
mixed economies that are closest to the pure command model; also known as authoritarian socialism
goal refers to a nation's effort to protects its members from situations that that would harm the economic well-being of individual citizens and the nation as a whole
combines the elements of traditional, market, and command economic models to answer 3 basic economic questions.
type of mixed economy in which the government owns some of the factors of production
this is achieved when the overall price level of goods and services available in the economy is relatively constant
more of one thing necessarily means less of something else; one good is sacrificed for another
what you have to give up to get what you wanted. The most highly valued opportunity or alternative forfeited when a choice is made.
Please allow access to your computer’s microphone to use Voice Recording.
Having trouble? Click here for help.
We can’t access your microphone!
Click the icon above to update your browser permissions and try again
Reload the page to try again!Reload
Press Cmd-0 to reset your zoom
Press Ctrl-0 to reset your zoom
It looks like your browser might be zoomed in or out. Your browser needs to be zoomed to a normal size to record audio.
Please upgrade Flash or install Chrome
to use Voice Recording.
For more help, see our troubleshooting page.
Your microphone is muted
For help fixing this issue, see this FAQ.
Star this term
You can study starred terms together