Unit 1 Econ Vocab

2. the characteristic of a society in which people rely on others for most of the goods and services they want
4. income earned when an individual sells or rents a factor of production that he or she owns
6. the condition that exists when someone can produce a good or service at a lower opportunity cost than someone else
9. a system used to manage limited resources for the production, distribution, and consumption of goods and services
11. an economic system in which decisions about production and consumption are left up to individual producers and consumers
12. the branch of economics that uses objective analysis to find out how the world works.
13. the condition that exists when someone can produce a good or service using fewer resources than someone else
14. the act of willingly trading one item or service for another
15. an economic system in which both the government and individuals play important roles in production and consumption
16. the allocation of separate tasks to different people

1. an economic system in which the means of production are mostly privately owned and operated for profit
3. the branch of econ that applies value judgements to data in order to recommend actions or policies
5. an economic system in which decisions about production and consumption are made by a powerful ruler or government
7. the study of how people choose to use their unlimited resources to satisfy their unlimited wants
8. the development of skills or knowledge in one aspect of a job or field of interest
10. the direct exchange of goods or services without the use of money
11. a generally accepted medium of exchange that can be traded for goods and services or used to pay debts