vocab

4. a thing that makes someone want or encourages someone to do something
5. not enough of a something consumers want
7. countrys money
10. a form of currency like money
11. a transaction where two or more parties freely trade goods or services
12. an economic system characterized by competition and free trade
13. best known as the father of economics
15. loss of gain from picking something else
19. work
21. Factors of Production
23. an economic state where nearly everyone who wants to work can find a job

1. something that can be used to value goods and services
2. combines elements of both free market capitalism and command
3. known for his theories of communism socialism and capitalism
6. an economy in which production, investment, prices, and incomes are determined centrally by a government.
8. a model used in economics to illustrate the maximum possible combinations of two goods or services
9. something you buy to put a house on
14. Socialism is a political and economic system where the means of production, such as factories and land, are owned or controlled by the community
16. developing businesses to create value, often involving innovation and risk-taking
17. loss of something that may not come back
18. function of money letting people store their wealth
20. Communism is a political and economic ideology that aims to establish a classless, stateless society based on common ownership of the means of production
22. an economic system where private individuals or businesses own