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Another name for a centrally planned economy.

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A range of economic and political systems based on the belief that wealth should be distributed evenly throughout society.

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The most desirable alternative somebody gives up as a result of a decision.

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The act of giving up one benefit in order to gain another, greater benefit.

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Effort people devote to tasks in which they are paid.

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All natural resources used to produce goods and services.

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Something that we desire but its not necessary for survival such as video games or a stylish haircut.

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Something essential for survival such as food or medical care.

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The‌ ‌use‌ ‌of‌ ‌fewer‌ ‌resources‌ ‌than‌ ‌the‌ ‌economy‌ ‌is‌ ‌capable‌ ‌of‌ ‌

producing.‌

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A‌ ‌graph‌ ‌that‌ ‌shows‌ ‌alternative‌ ‌ways‌ ‌to‌ ‌use‌ ‌an‌ ‌

economy's‌ ‌productive‌ ‌resources.‌

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A person or group of people living in a single residence.

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An organization that uses resources to produce a product or service, which it then sells.

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The first modern economist, whose book The Wealth of Nations describes how free markets function and self-regulate.

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The hope of reward or fear of penalty that encourages a person to behave a certain way.

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An individual's own personal gain.

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The struggle among producers for the dollars of consumers.

consumer sovereignty- The power of consumers to decide what gets produced.

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Describes a form of government that limits individual freedoms and requires strict obedience from its citizens.

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A political system in which the government owns and controls all resources and means of production and makes all economic decisions.

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Process of selling businesses or services operated by the government to the individual investors, and then allowing them to compete in the marketplace.

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Economic system that has some market-based elements and some levels of government involvement.