Unit One Econ!

2. ___ economy where production and prices are determined by unrestricted competition between privately owned businesses.
4. the transfer of a business, industry, or service from public to private ownership and control.
7. the process of becoming an expert in one area of trade/ skill
9. ___ economy in which production, investment, prices, and incomes are determined centrally by a government.
11. something one can survive without but is desirable
13. a side effect or consequence of an industrial or commercial activity that affects other parties without this being reflected in the cost of the goods or services involved, such as the pollination of surrounding crops by bees kept for honey.
14. a commodity or service that is provided without profit to all members of a society, either by the government or a private individual or organization.
15. the degree of wealth and material comfort available to a person or community
16. a payment or concession to stimulate greater output or investment
17. minimum level of income deemed adequate in a particular country.
19. goods that are either consumed in one use or used up over a short period of time

1. the loss of potential gain from other alternatives when one alternative is chosen.
3. ___ economy where customs and traditions are the elements that determine the way trade and commerce are performed
5. land, labor, capital, and entrepreneurs are __
6. ___ economy combining private and public enterprise.
8. goods that last for three or more years
10. the economic situation defined by an inefficient distribution of goods and services in the free market.
12. something essential for one's survival
18. exchange something of value, especially as part of a compromise