The study of the decisions that go into making, distributing, and using goods and services

What is given up when making one choice instead of another

The decision on which goods or services to use or not use due to limited resources and unlimited wants.

The resources needed to produce goods and services.

Natural resources that exist and were not created by people.

Work that people do and includes all of their abilities, efforts, and skills.

The manufactured goods used to produce other goods and services

The ability of individuals to start new businesses, introduce new products, and improve business processes.

How a nation makes decisions to allocate its resources

An economy established through customs and tradition with the main concern being survival.

An economy where supply, demand, and a system of pricing allow people to make the economic decisions through free interactions.

How much producers are willing and able to produce at a certain price

How much consumers are willing and able to buy at a certain price

The price at which consumers and producers agree

A maximum price set by the government that can be charged for goods and services.

A minimum price set by the government that can be charged for goods and services.

The degree to which demand is affected by price

When demand for a product is affected by price.

When price has little influence on demand.

An exchange without the use of money.

An economy in which production, investment, prices, and incomes are determined centrally by a government.