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Economics Quest 1
Terms in this set (18)
The study of how people seek to satisfy their needs and wants by making choices
The concept that there are limited resources to meet unlimited wants
when producers cannot or will not offer goods and services at the price
all of the alternatives that are sacrificed when we make a decision
the most desirable alternative given up as the result a decision that we make
What are the three factors?
land, labor, and capital
What is it called when resources are used to maximize the production of goods and services?
What is it called when not all of the resources available are being used to their full potential?
What is cost according to economists?
cost is what they have to give up
In what type of economic system are the decision on what goods and services to produce, and what goods and services to buy, based on voluntary exchange of individuals in markets?
In what type of economic system are the decisions on production and consumption of goods and services based on the decisions of a central government?
centrally planned economy also called command economy
In what type of economic system are the decisions on production and consumption of goods and services based on customs and traditions?
What is a market-based economic system with limited government involvement in decision making?
is the method used by a society (country) to produce and distribute goods and services
The Three Key Economic Questions about the production and consumption of goods and services are:
A. What goods and services should be produced?
B. How should goods and services be produced?
C. For whom are the goods and services?
standard of living
shows the level of economic prosperity in a nation
any place where buyers and sellers exchange things
is an economic system where individual people and business voluntarily make the decisions on production and consumption of goods and services
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