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invention that is a result of creativity

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economy going from centrally planned to market economy

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Service going public to private

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Owned by private parties

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the skills and knowledge gained by a worker through education and experience

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the human-made objects used to create other goods and services

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The government owns and controls some but not all of the basic productive resources.

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an economic system that relies on habit, custom, or ritual to decide the three key economic questions

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The national government or central planning committee answers the 3 basic economic questions.

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system in which individuals own the factors of production and make economic decisions with limited government interference

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People may freely participate in the market.

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all other alternative options

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Weighing what you sacrifice compared to what you gain to help you make the best decision

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System in which government owns some, but not all means of production

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an economic system where businesses are owned privately

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a way an economy produces, distributes and consumes goods and services. How it answers the 3 basic questions.

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Choosing one thing and giving up the next best alternative

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location where buyers and sellers meet to exchange goods and services

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study of how people try to satisfy unlimited wants through limited resources

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condition in which there aren't enough resources to meet wants