Econ Unit Test Review

Front

desire individuals and nations have that can be met by getting a good or a service

Back

Want

Front

the study of how individuals and nations make choices about ways to use scarce resources to fulfill their needs and wants

Back

Economics

Front

all things that can be used—natural resources, labor, buildings, and tools—to make goods or services

Back

Resources

Front

the situation of not having enough resources to satisfy all one's wants

Back

Scarcity

Front

a nation's way of producing things its people want and need

Back

Economic System

Front

an economic system in which the decisions of what, how, and for whom to produce are based on custom or habit

Back

Traditional Economy

Front

an economic system in which individuals and businesses own all resources and make economic decisions on the basis of price

Back

Market Economy

Front

an economic system in which the major economic decisions are made by the central government

Back

Command Economy

Front

system combining characteristics of more than one type of economy; a market economy that has elements of command and tradition

Back

Mixed-Market Economy

Front

the alternative you face if you decide to do one thing rather than another

Back

trade-off