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See all the wonderful things Andrew Troxell-144002193 has made

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Private Property: This is not own by the government, so it is own by people. So the person who own this land can do what ever they want to do to it. For example if they want to build a house they would need a contractor. 

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Private Property: This is not own by the government, so it is own by people. So the person who own this land can do what ever they want to do to it. For example if they want to build a house they would need a contractor. 

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Money is not a recourse, it is a medium of exchange. Money can be anything that society accepts as a medium of exchange. Bartering requires a coincidence of wants, when there is no coincidence, money can be used.

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This is where a certain economic unit focuses on one product in order to have the most efficient output. There's a division of labor based on the skills that the workers possess and there's also geographic based specialization where some people can only specialize in one thing because of the resources around them

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Market system emphasizes that there is rapid development of complex capital goods. This tech would be considered a capital good and can then produce consumer goods.

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The prices are based off of self interest and competition, companies competing will lower their prices so the the buyers will buy their goods, which are cheaper. This is based off of supply and demand

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Diffuses the economic power within the businesses and households that make up the economy
Ex.) Two buyers specialize in the same good. One puts their price very high while the other reduces their price. Because of this, the lower price will get more sales.

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Market System: A market system is when the government has some control over the economic but not a lot. The people have more control for example what they buy, where they buy, and how they use their resource. But the government get involved when they don't fall the rules 

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Market System: A market system is when the government has some control over the economic but not a lot. The people have more control for example what they buy, where they buy, and how they use their resource. But the government get involved when they don't fall the rules 

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Command System: A command system is where the government has all the control in there economic decisions, how to use their resources, and what to do with there land.

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Motivating force of the various economic units as they express their free choices. (Personal Goals)

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Freedom of Enterprise: That a business has a the choices to use it resources or not, and also they have the choice to sell or not sell their product.

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Freedom of Enterprise: That a business has a the choices to use it resources or not, and also they have the choice to sell or not sell their product.

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Freedom of choice: That a consumer has a choice to buy or not buy any product they want.

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https://goo.gl/Lkd4Ex

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capital goods satisfy by indirectly aiding the production of consumer goods

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consumer goods satisfy the wants directly

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Full Employment: Using all of the natural resources available.
Fixed Resources:

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Full employment: Economy is employing all of its available resources.
Fixed resources: The quality and quantity of the factors of production are fixed.
Fixed Technology: The state of tech is constant.
Two goods: Situation where the economy is producing only two goods (Captial and consumer)

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Opportunity cost: This is shown in the first picture because if we start from A and move to B. We are gaining more of Good A (Y-axis), but at the same time we are losing more of Good B (x-axis).This shows opportunity cost because we are getting more of Good A ,but we are losing some of Good B.

Shape of the curve: The shape of the curve depends on the opportunity cost. Examples of the shape would be a constant or not constant
Economic rationale:

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Land: natural resources. Minerals, oil...
Labor: Physical actions and mental activities that people do
Capitol: all manufactured aids used in producing consumer goods
Entrepreneurial ability: The person combines land labor and capitol and uses strategic business decision and takes risks

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A curve that shows various combinations of two products a consumer can purchase with a specific money income

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Is analyzing the facts or data about the economic behavior

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The pleasure gained from consuming a good or a service.

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Decision making by individual customers, workers, households, and business firms

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To obtain one thing, society forgoes the opportunity of getting the next best thing. That sacrifice is the opportunity cost

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The part of economics concerned with the economy as a whole .For example one would be how good or bad the government is doing economic wise.