An economy based on private ownership of business and consumers freely choose goods and services.
Human-made materials used to produce goods and services.
An economy where the government controls the factors of production resources.
buys and uses goods and services
The number of consumers who want and able to buy a good or service.
how resources are used to meet peoples wants and needs
a person who has the ideas and skills to start a business
what is needed to make goods and provide services
The value of all the goods and services that a country produces in a year.
Items for sale that can be touched.
talents and skills of human beings
material from Earth needed to make goods and services
things that people must have in order to survive
the value of the second-best choice that is given up when a decision is made
someone who makes goods and services
the amount of money a business makes after its expenses are paid
Many individuals desiring something that has limited availability
work done for someone else in exchange for payment
when a country becomes skilled at producing one good or service
things that people would like to have but can live without