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Terms in this set (22)
What is a graph that is used by economist to show the impact of scarcity on the economy
ppc or production possibilities curve.
This includes all the natural resources found on and under the ground that are used to produce goods and services?
This is producing fewer goods and services than possible?
What are things that are necessary for survival?
what are desires that can be satisfied by consuming a good or service?
this is the value of something that is given up to get something else that is wanted? NEXT BEST ALTERNATIVE
This is the combination of vision skill ingenuity and willingness?
This involves producing the maximum amount of goods and services possible.
What is an approach that weighs the benefits of an action against its cost?
Lost benefit analysis
These are all the resources made and used by people to produce and distribute goods and services
What is an economic system in which the government makes all the desicions?
This is a system in which central government officials make all economic decisions usually found in a command economy.
Central planned economy
This is the principle that the government should not interfere in the market place.
This is an economic system in which the government own some or all the factors of production? Karl marx!
what are the roles of producers and consumers?
producers= makes goods or services.
consumers= Buys a good or service for a personal use
what is an economic system in which people produce and distribute goods according to customs handed down from generation to generation.
What requires absolute obedience to those in power?
What are the ways a society uses resources to satistfy its peoples wants
This consists of all the goods and services that are necessary for the function of society.
This occurs when people who are not part of the market place interactions benefit from it or pay part of its costs
these are products provide by federal state local governments and consumed by the public as a group
what is a person who avoids paying for a good or a service but benefits from that good or service anyway
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