Economics vocabulary

4. when a nation produces a limited variety of goods.
6. the prices of getting into operating ones own business.
7. freedom- Fundamental right of every human so control her own labor and property.
9. economy- Production prices are determined by unrestricted competitors between privately owned businesses.
11. of Production - Resources that are building blocks of the economy; four categories binds, labor, capitals,entrepreneurship.
12. of labor- The assignment of different parts of a manufacturing process or task to different people in order to improve efficiency.
15. Exchange- Act of buyers and sellers freely and willingly engaging in mark of transaction.
16. Economy- Production, investment, prices and incomes are determined, centrally by a government.

1. Sovereignty- the situation in an economy when the desires and needs of consumers control the output of procedures.
2. cost- the loss of potential gain from other alternatives when one alternative is chosen.
3. A thing that motivates or encourages one to do something.
5. of exchange- portable instrument that is used as an interment facilitate the sales of goods between parties.
7. the ratio of the useful work preformed by a motive/process to the total energy expended or heat taken in.
8. cost- Cost added by producing additional/ unit of a product or service.
10. Questions- what goods should be produced, how should they be provided,who should receive
13. - the demand for a good or service is greater than the availability of the good or service.
14. Capital- Measure of the skills, education, capitailty, and earning potential.