government and economies

Question 1

Scarcity

Answer 1

lack of or a limited number, in economics it refers to resources used for production

Question 2

Opportunity Cost

Answer 2

a choice you make in which you give up one thing for another

Question 3

free market economy

Answer 3

individual businesses control who, what and how goods and services are produced

Question 4

command economy

Answer 4

government controls who, what, and how goods and services are produced

Question 5

mixed economy

Answer 5

individuals and government share control over who, what and how goods and services are produced

Question 6

traditional economy

Answer 6

system that is based on customs and traditions

Question 7

consumers

Answer 7

individuals that purchase and use goods and serivices

Question 8

producers

Answer 8

individuals that create or provide goods and services

Question 9

competition

Answer 9

companies use a variety of strategies to increase profit and convince more consumers to purchase their products.

Question 10

capital

Answer 10

money needed to start and operate a business

Question 11

entrepreneurship

Answer 11

individuals who risk their time and skills to run a business

Question 12

land

Answer 12

refers to Earth and its natural resources

Question 13

labor

Answer 13

refers to all the people working in the economy

Question 14

privatization

Answer 14

a process of transitioning from a command economy to a more free enterprise system with private business.