When consumers want more of a good and services that producers are willing to make available at good price

Limit amout of goods ans services are available to reach unlimited wants.

Is the act of giving up one benefit to gain another

related to opportunity cost becsuse opportunity cost is the one that makes decision to keep one

owns the factors of production in a free market economy

owns the productionn in a command economy

the hope of reward that encourages the person to behave in a certain way

Consumer will buy from the lowest price so firms will struggle

Will answer the basic economic questions in planned economy

something essential for survival

Something you desire but it is not necessary for survival

human made objects used to create other goods and services

the knowledge and skills a worker gains through education and experience

level of economic prosperity

It was calculated by the growth of population

what you will sacrifice and what you will gain

It leads to efficiency

The concentration of the productive resources of individuals and businesses on a limited number of activities

a financial reward for making specific choices

a financial punishment for making specific choices

Benefits of Free Enterprise System

Can help identify the best option, organized, and allows for an objective comparison

the study of how people seek to satisfy their needs and wants

People who combine resources to make goods and services

Refers to all natural resources

The effort people devote to tasks for which they are paid

Any human made resource that is used to produce other goods and services

the structure of methods and principles a society uses to produce and distribute goods and services

A small and close community and they work to support the entire community