Economics

4. a method of production whereby an entity focuses on the production of a limited scope of goods to gain a greater degree of efficiency
6. Economy: an economy based on capitalism, where goods and services are freely exchanged on an open market
8. of Labor: the separation of a work process into a number of tasks, with each task performed by a separate person or group of persons
9. Security: to the ability of people to meet their needs consistently
11. Freedom: when property they acquire without the use of force, fraud, or theft is protected from physical invasions by others
12. when all goods and factors of production in an economy are distributed or allocated to their most valuable uses and waste is eliminated or minimized
17. Equity: the fairness and distribution of economic wealth, tax liability, resources, and assets in a society
18. The process of recognizing or creating an opportunity, testing it in the market, and gathering the resources necessary to go into business
19. Capital: consists of the knowledge, skills, and health that people invest in and accumulate throughout their lives, enabling them to realize their potential as productive members of society

1. of Exchange: a portable instrument that is used as an intermediary to facilitate the sale and purchase of goods between parties
2. Cost: represent the potential benefits that an individual, investor, or business misses out on when choosing one alternative over another
3. Sovereignty: the principle that consumers, through their purchasing decisions, determine the demand for goods and services, and therefore have a powerful influence on what is produced and how it is produced
5. Cost: the change in total production cost that comes from making or producing one additional unit
7. financial motivations for people to take certain actions
10. Questions: questions asked to determine the state of the economy
13. of Production: the inputs used to produce a good or service in order to produce income
14. Exchange: a type of transaction where two parties freely trade goods or services
15. Economy: economic system in which the means of production are publicly owned and economic activity is controlled by a central authority that assigns quantitative production goals and allots raw materials to productive enterprises
16. the demand for a good or service is greater than the availability of the good or service