Items a person must have to survive |
Needs |
A system in which economic decisions are based on society’s values, cultures, and customs. |
Traditional Economy |
Buyers and users of goods and services. |
Consumers |
A system in which a central authority controls economic activities |
Command Economy |
External resources such as money, time, equipment, and possessions |
Nonhuman resource |
Qualities and characteristics people have within themselves |
Human Resource |
Items a person would like to have but that are not essential to life. |
Wants |
A system in which privately owned business compete for profits with the limited government regulation. |
Market Economy |
Individuals or businesses that provide goods and services to meet demand |
Producers |
The value of the best option or alternative given up |
Opportunity cost |
An extended period of slow or no economic growth |
Recession |
An extended period of economic recession |
Depression |
A period of slow economic growth and high inflation |
Stagflation |
Composed of people, age 16 and over, who are employed or looking for and able to work |
Labor Force |
Taxing and spending policies of government |
Fiscal |
Composed of workers who unite to negotiate…. |
Labor Union |
Policies used by government to control the supply of money and credit |
Monetary |
When a single seller is in control of the entire supply of a product or service |
Monopoly |
When a few large companies dominate an industry |
Oligopoly |
Laws that ensure competition by preventing monopolies and other restraints of trade |
Anti Trust Laws |