Unit:1-Formative#2- Vocab. Flashcard Scar/OppCost/Circ Flow

Front

Natural resources like soil, minerals, timber, and fresh water are known as...

Back

Land

Front

Economy relying on voluntary trade for production organization.

Back

Market Economy

Front

Efforts to create goods and services are known as...

Back

Labor

Front

Economic system blending voluntary exchange and some government regulation:

Back

Mixed Economy

Front

Inability to satisfy all wants with available resources is called...

Back

Scarcity

Front

A process where businesses and individuals focus on producing a part of a product is called...

Back

Specialization

Front

Buildings, tools, and machines used to produce goods and services are called...

Back

Capital

Front

Imagination, innovation, and management skills to start and run a business is called...

Back

Entrepreneurship

Front

Buyer or user of goods/services.

Back

Consumer

Front

Study of individual consumers & businesses?

Back

Microeconomics