Econ Final Exam Review

Front

The highest valued alternative given up as a result of making a choice.

Back

Opportunity Cost

Front

The physical and mental efforts people use to create goods and services.

Back

Human Resources

Front

The buildings, tools, and machines people create and use to produce final goods and services.

Back

Capital Resources

Front

Unaltered gifts of nature like soil, minerals, timber, and fresh water.

Back

Natural Resources

Front

______ means that an inequality exists between wants and the resources available to satisfy them.

Back

Scarcity

Front

The study of the economy as a whole

Back

Macroeconomics

Front

The study of individual consumers and businesses

Back

Microeconomics

Front

Rivalry among businesses for resources and customers

Back

Market Competition

Front

an economic system in which the government holds most of the property rights.

Back

Command Economy

Front

An economic system in which people rely on traditions or customs to make what, how, and for whom choices

Back

Traditional Economy