No student devices needed. Know more
20 questions
An economy based on private ownership of business and consumers freely choose goods and services.
Capitalism
Communism
Traditional
Mixed
Human-made materials used to produce goods and services.
capital
land
labor
entrepreneur
An economy where the government controls the factors of production resources.
command
market
capitalism
mixed
buys and uses goods and services
consumer
producer
entrepreneur
labor
The number of consumers who want and able to buy a good or service.
demand
supply
opportunity cost
entrepreneur
how resources are used to meet peoples wants and needs
economics
demand
supply
entrepreneur
a person who has the ideas and skills to start a business
entrepreneur
laborer
manager
consumer
what is needed to make goods and provide services
productive resources
supply and demand
consumer
entrepreneur
The value of all the goods and services that a country produces in a year.
Gross Domestic Product (GDP)
Factors of Production (FOP)
Free-Market Economy (FME)
Items for sale that can be touched.
goods
services
demand
profit
talents and skills of human beings
labor
land
capital
entrepreneur
material from Earth needed to make goods and services
land
labor
capital
entrepreneur
things that people must have in order to survive
needs
wants
opportunity cost
scarcity
the value of the second-best choice that is given up when a decision is made
opportunity cost
producer
profit
scarcity
someone who makes goods and services
producer
consumer
entrepreneur
government
the amount of money a business makes after its expenses are paid
profit
supply
demand
scarcity
Many individuals desiring something that has limited availability
scarcity
opportunity cost
supply
needs
work done for someone else in exchange for payment
services
supply
scarcity
land
when a country becomes skilled at producing one good or service
specialization
scarcity
profit
labor
things that people would like to have but can live without
wants
needs
scarcity
opportunity cost
Explore all questions with a free account