Economics Semester Vocab Review

Front

Physical or electronic location for exchanging products

Back

market

Front

Condition of society with unlimited wants and limited resources.

Back

Scarcity

Front

Diagram showing combinations of goods/services an economy can produce with full resource employment.

Back

Production Possibility Frontier

Front

Cost of the next best alternative when a choice is made.

Back

Opportunity cost.

Front

System where government controls some production factors.

Back

socialism

Front

Economic and political system where production is state-owned.

Back

communism

Front

Forced common ownership of production factors.

Back

collectivization

Front

System combining traditional, command, and market economies.

Back

mixed economy

Front

Economic system with private businesses operating for profit and minimal government interference.

Back

free enterprise

Front

Risk-taking individual seeking profits

Back

entrepreneur