Unit 1. #2

2. study the part of economics concerned with large scale/ general economics
3. organization that uses resources to produce a product
9. household purchases the goods & services that the firms produce
12. consumers having the power to decide what goods and services to produce
15. a market which firms purchase the factors of production from households
16. economy where the government owns both land and capital and make all the important decisions
17. term economist use to describe a market that is self regulating

1. system that relies on habit, custom or ritual to decide questions of production and consumption of goods and services
4. economy decision on production and consumption of goods and services are based on voluntary exchange
5. government programs that protect people experiencing unfavorable economic conditions
6. studying the individual choices and their effects
7. financial gain made in a transaction
8. prices and production are determined by supply and demand with little to no government interference
10. economy combines elements of both market and command
11. the concentration of the productive efforts of individuals and firms on limited number of activities
13. person or group living in the same residence
14. the income people receive for supplying factors of production