Economics Vocab

2. - goods and services
4. - using resources in such a way as to maximize the production of goods and services
7. limited quantities of resources to meet unlimited wants
8. economic system with centrally planed economy and government control
9. - Land, labor, capital, entrepreneurship
10. - economic system with private ownership and very little government intervention
12. - economic system with evenly distributed wealth and combined government control and private ownership
13. - the flow of money as income and consumer expenditures between households and businesses
14. - the flow of resources and finished products between businesses and households
20. - using fewer resources than an economy is capable of using
22. - the market in which businesses are sellers and household are buyers
23. freedom - the right to make your own economic decisions

1. - The market in which households are sellers and businesses are buyers
3. - the sector of the economy that purchases resources and provide products
5. income - rent, wages, interest, and profit
6. - a curve that shows alternative ways to use economic resources
8. expenditure - money spent by households to purchase products
10. - a business organization made up of a legal entity owned by individual stockholders
11. - the rights of individual to own property with in an economic system
15. - a business organization owned by two or more people
16. - offering that encourages people to behave in a certain way
17. - the model showing the flow between households and businesses
18. - the struggle among producers to gain the business of consumers
19. - the sector of the economy that provides resources and purchases products
21. - economic cost of choices