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Econ Ch1 - Welcome to Economics

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a market where the buyers and sellers make transactions in violation of one or more government regulations.

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Terms in this set (23)

a market where the buyers and sellers make transactions in violation of one or more government regulations.

underground economy.

typically an agricultural economy where things are done the same as they have always been done.

traditional economy.

a representation of an object or situation that is simplified while including enough of the key features to help us understand the object or situation.

when workers or firms focus on particular tasks for which they are well-suited within the overall production process.

specialization.

when human wants for goods and services exceed the available supply.