Tangible assets that are used in the production of other goods and services, such as machines, buildings, and tools.

The knowledge, experience, training, and education held by individuals.

Materials used in production that are provided by nature, like water, minerals, and trees.

the means through which goods and services are produced

An economic system entirely controlled by a small group of ruling elites in government. This group allocates all available resources.

An economic system in which decisions about production and consumption are driven in part by supply and demand and in part by government command and/or traditional elements, combining two or more types of economic systems.

An economic system that leaves production, consumption, and price decisions largely to consumers and business people with only limited influence by government; also known as a pure market economy. Not currently used by a nation.

"\An economic system in which people rely on traditions or social customs to choose what, how, and for whom to make goods and services.

How will goods and services be produced

A type of taxation where those earning higher incomes pay a higher tax rate (percentage of their income) than those with lower incomes. The U.S. federal income tax is a good example of a progressive tax.

A type of taxation where those with lower incomes pay a higher tax rate (percentage of their income) than those with higher incomes.

A tax for which the percentage of income paid in taxes is the same for all income levels. Also known as a flat tax.

One who identifies an opportunity and takes a risk to innovate or start a business in order to create value and earn a profit.

the concept that people have the right and privilege to control their possessions as they wish

The quantity of goods or services a consumer demands and is willing to buy at a specific price.

The point reached when an additional unit of a product consumed is less satisfying than the one before it.

A process by which innovation leads to changes in a system that is superior to the previous process, industry, or mode of production. It leads to growth and prosperity.

When one trading partner can produce more goods or services than another partner using the same amount of effort and other resources.

When each trading partner focuses on producing goods or services within a limited area of expertise.

When one trading partner can produce goods or services at a lower opportunity cost than the other partner using available resources

Something that encourages different behaviors and choices.

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

The theory that consumers primarily influence production decisions in a market economy.

The critical structures of an organization or country, such as roads, bridges, electrical grids, water

An economic situation in which individuals pursue self-interest by trying to maximize the benefit of a community-owned resource, eventually spoiling or overusing it until it has no value for anyone.

The aspects of the economy that are owned, managed, or provided to the market by individuals or businesses.

The aspects of the economy that are owned, managed, or provided to the general population by government.

A condition that exists between unlimited wants and needs and the limited resources available to satisfy them, requiring people to make choices.

Rivalry between two or more people such as businesses striving to earn the consumer's dollar or between to or more consumers trying to purchase the same product.

markets where financial securities, such as stocks and bonds, are bought and sold

A condition in which individuals and businesses have freedom of choice in employment, buying, selling, use of time, and other economically related decisions.

A payment made or income received in which no goods or services are being paid for, such as a benefit payment. The government transfers income from one group to distribute to another.Apple Books.

A good or service bought from a seller in another country.

A good or service sold to a buyer in another country.

to support the functions of the government

The principle that the government's role in the economy is restricted to defining and protecting private property rights, providing limited public goods like national defense, and addressing market failures.

Force can be used by government and penalties can be imposed if people do not pay taxes." Apple Books.

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

A social science that studies how people, individually and in groups, decide to use scarce resources to satisfy their wants.

The combined system and flow of resources, production, consumption, and wealth that move in and out of households, businesses, and government.

The inputs or factors of production that are transformed into goods and services. Natural resources, human labor, capital, and entrepreneurial talent are the four broad categories.

The private ownership of resources and products by individuals or businesses. They have secure rights to buy, sell, or use as income.

Inputs that can be transformed into goods and services (natural, human, capital, and entrepreneurial talent).

A system governing a group of people based on laws that define the rights and responsibilities to be applied to and enforced equally by all.

Changes in products and processes that increase productivity.

The amount of money the business has invested in its goods and other property.

People who work to produce goods and services

Which is a basic economic question that must be answered by all economic systems?

A basic role of entrepreneurs in the economy is to __________.

Which would most likely increase the productivity of labor?

A basic role of entrepreneurs in the economy is to __________.

The United States economy is best described as __________.

Which of the following is an example of the rule of law in economics?

Which of the following statements is true about investments in physical and human capital?

Which of the following is true about the financial markets?

Which of the following best describes economic freedom?

Which of the following are most likely to improve a company's overall productivity?