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| items of value that can be seen and touched |
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| an arrangement that allows people to make exchanges with one another |
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| another name for a market economy |
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| how people in a society make the what, how, and who decisions |
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| items of value that cannot be seen or touched |
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| take business risks in hopes of earning a profile |
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| the inability to satisfy all of everybodys wants |
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| the highest valued alternative one gives up when making a choice. |
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| detailed knowledge about the production and distribution of most products |
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Definition
| is spread among many people who may not even know each other. |
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| in an exchange between two people |
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Definition
| both people believe they are benefiting |
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Term
| which of the follwing illustrates a market? |
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Term
| the unemployment rate is a subject of |
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Term
| in a market economy, what organizes and coordinates the production of goods and services? |
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Term
| economists say that scarcity is a relative concept. this means that |
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Definition
| the scarcity of resources can change is wants or amounts of resources available change |
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| which of the following would be a good? |
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Definition
| is the highest valued alternative given up whenever someone makes a choice |
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| which of the following is not one of the basic choices that people in all societies must make |
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Definition
| who will receive the goods and services produced |
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Term
| the owner of a new store in town wants to know whether she should increase the store's advertising spending. the owner should do so if estimates how that |
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Definition
| the marginal cost of the advertising is less than the marginal benefit. |
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