study of how societies use limites resources to satisfy production wants and needs and decisions about production and distribution of goods and services
the lack of resources to meet the needs and wants of a community
what is given up in order to accept something else
something that meets the needs of humans
a resource that can replenish or replace itself
natural resources that cannot be replenished
fuels that come from the earth and the breaking down of material. ex.coal, petroleum, natural gas
a system in which trradition and custom control all economic activity, exists in only a few parts of the world today
an economic system based on free enterprise, in which businesses are privately owned and production and prices are determined by supply and demand
a feature of capitalism that allows peopl to make a profit and benefit from their talents and resources
economic system that relies on the forces of supply and demand to control economic decisions
an economy in which the government supports and regulates enterprise through decisions that affect the marketplace
economic system in which economic decisions about production and distribution are made by some central authority
society based on equality in which workers would control industrial production
political philosopbhy in which the government owns the means of production
country that has a great deal of technology and manufacturing
country in the process of becoming induwstrialized
transition from an agricultural society to one based on industry
the basic urban necessities like streets and utilities
standard of living
the degree to which a person group or society has the basic necessities comforts and luxuries
quality of life
the degree of enjoyment and satisfaction experienced in everyday life opposed to financial or material well-being
GDP per capita
the value of goods and services created within a country in a year per person
countries have a comparative advantage for a product if they can produce it at a lower opportunity cost than other countries
things that prevent free trasde such as tariffs quotas and embargos
a tax on imports and exports
the removal of trade barriers so that goods can flow freely between countries
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