Economics Vocabulary

8. the expenses of running a business
9. resources that humans create
10. how much of something is available
11. giving something to acquire something else
12. this type of economy combines market and command economic systems to have mostly free trade and some government involvement
13. in a _____ economy, producers and consumers are free to buy and sell anything they want
14. in a _____ economy, the government controls all resources and makes all economic decisions
16. what you give up by choosing one thing over another
17. the money gained from selling goods or services
18. a tangible item that can be used or traded
19. skills or knowledge that can be used or traded

1. if you can produce something with less opportunity cost
2. revenue minus overhead
3. if you can produce more of something
4. how many people want a good or service
5. resources that come from the Earth
6. in a _____ economy, customs and habits of past generations decide what will be produced
7. how much something costs
15. anything that people can use or trade