econ

12 cards·by sue

scarcity

the imbalance between relatively unlimited wants and therelatively limited

oppurtunity cost

next best alternitived

factors of production

rescousrces used by business to produce goods and services

land

natural rescourses

labor

building

capital entrepreneurship

building human service

specialization

The situation in which people produce a narrower range of goods and services than they consume.

Traditional economy

borrows economic decisions

Market economy

economic system where most goods and services are exchanged

Command economy

economic functions--what, how, and forwhom--are principally determined by government dire

Monetary

do with money

non monetary

no money