1&2 vocab by Chase Krause https://padlet.com/krauscha2022/3aihkuxcwf32hwkd en-us 2021-10-07 16:36:32 UTC 2025-12-30 13:23:04 UTC hello@padlet.com Scarcity krauscha2022 https://padlet.com/krauscha2022/3aihkuxcwf32hwkd/wish/1808241842 condition in which there aren't enough resources to meet wants




]]> 2021-10-11 16:46:39 UTC https://padlet.com/krauscha2022/3aihkuxcwf32hwkd/wish/1808241842 Economics krauscha2022 https://padlet.com/krauscha2022/3aihkuxcwf32hwkd/wish/1808244552 study of how people try to satisfy unlimited wants through limited resources



]]> 2021-10-11 16:47:43 UTC https://padlet.com/krauscha2022/3aihkuxcwf32hwkd/wish/1808244552 market krauscha2022 https://padlet.com/krauscha2022/3aihkuxcwf32hwkd/wish/1808249436 location where buyers and sellers meet to exchange goods and services



]]> 2021-10-11 16:49:38 UTC https://padlet.com/krauscha2022/3aihkuxcwf32hwkd/wish/1808249436 Opportunity Costs krauscha2022 https://padlet.com/krauscha2022/3aihkuxcwf32hwkd/wish/1808251663 Choosing one thing and giving up the next best alternative]]> 2021-10-11 16:50:31 UTC https://padlet.com/krauscha2022/3aihkuxcwf32hwkd/wish/1808251663 Economic system krauscha2022 https://padlet.com/krauscha2022/3aihkuxcwf32hwkd/wish/1808252434 a way an economy produces, distributes and consumes goods and services. How it answers the 3 basic questions.



]]> 2021-10-11 16:50:50 UTC https://padlet.com/krauscha2022/3aihkuxcwf32hwkd/wish/1808252434 Capitalism krauscha2022 https://padlet.com/krauscha2022/3aihkuxcwf32hwkd/wish/1808253776 an economic system where businesses are owned privately]]> 2021-10-11 16:51:20 UTC https://padlet.com/krauscha2022/3aihkuxcwf32hwkd/wish/1808253776 Socialism krauscha2022 https://padlet.com/krauscha2022/3aihkuxcwf32hwkd/wish/1808255139 System in which government owns some, but not all means of production]]> 2021-10-11 16:51:51 UTC https://padlet.com/krauscha2022/3aihkuxcwf32hwkd/wish/1808255139 Cost Benefit Analysis krauscha2022 https://padlet.com/krauscha2022/3aihkuxcwf32hwkd/wish/1808256233 Weighing what you sacrifice compared to what you gain to help you make the best decision]]> 2021-10-11 16:52:18 UTC https://padlet.com/krauscha2022/3aihkuxcwf32hwkd/wish/1808256233 Trade-Offs krauscha2022 https://padlet.com/krauscha2022/3aihkuxcwf32hwkd/wish/1808258191 all other alternative options ]]> 2021-10-11 16:52:52 UTC https://padlet.com/krauscha2022/3aihkuxcwf32hwkd/wish/1808258191 Voluntary exchange krauscha2022 https://padlet.com/krauscha2022/3aihkuxcwf32hwkd/wish/1808260408 People may freely participate in the market.]]> 2021-10-11 16:53:45 UTC https://padlet.com/krauscha2022/3aihkuxcwf32hwkd/wish/1808260408 Market Economy krauscha2022 https://padlet.com/krauscha2022/3aihkuxcwf32hwkd/wish/1808261830 system in which individuals own the factors of production and make economic decisions with limited government interference]]> 2021-10-11 16:54:17 UTC https://padlet.com/krauscha2022/3aihkuxcwf32hwkd/wish/1808261830 Command Economy krauscha2022 https://padlet.com/krauscha2022/3aihkuxcwf32hwkd/wish/1808262657 The national government or central planning committee answers the 3 basic economic questions.]]> 2021-10-11 16:54:38 UTC https://padlet.com/krauscha2022/3aihkuxcwf32hwkd/wish/1808262657 Traditional Economy krauscha2022 https://padlet.com/krauscha2022/3aihkuxcwf32hwkd/wish/1808264018
an economic system that relies on habit, custom, or ritual to decide the three key economic questions
]]> 2021-10-11 16:55:08 UTC https://padlet.com/krauscha2022/3aihkuxcwf32hwkd/wish/1808264018 Mixed economy krauscha2022 https://padlet.com/krauscha2022/3aihkuxcwf32hwkd/wish/1808265043 The government owns and controls some but not all of the basic productive resources.]]> 2021-10-11 16:55:30 UTC https://padlet.com/krauscha2022/3aihkuxcwf32hwkd/wish/1808265043 physical economy krauscha2022 https://padlet.com/krauscha2022/3aihkuxcwf32hwkd/wish/1808266442 the human-made objects used to create other goods and services



]]> 2021-10-11 16:56:05 UTC https://padlet.com/krauscha2022/3aihkuxcwf32hwkd/wish/1808266442 Human capital krauscha2022 https://padlet.com/krauscha2022/3aihkuxcwf32hwkd/wish/1808268254 the skills and knowledge gained by a worker through education and experience



]]> 2021-10-11 16:56:45 UTC https://padlet.com/krauscha2022/3aihkuxcwf32hwkd/wish/1808268254 private property krauscha2022 https://padlet.com/krauscha2022/3aihkuxcwf32hwkd/wish/1808272702 Owned by private parties]]> 2021-10-11 16:58:32 UTC https://padlet.com/krauscha2022/3aihkuxcwf32hwkd/wish/1808272702 privatization krauscha2022 https://padlet.com/krauscha2022/3aihkuxcwf32hwkd/wish/1808275751 Service going public to private]]> 2021-10-11 16:59:44 UTC https://padlet.com/krauscha2022/3aihkuxcwf32hwkd/wish/1808275751 economic transition krauscha2022 https://padlet.com/krauscha2022/3aihkuxcwf32hwkd/wish/1808280947 economy going from centrally planned to market economy]]> 2021-10-11 17:01:56 UTC https://padlet.com/krauscha2022/3aihkuxcwf32hwkd/wish/1808280947 Intellectual property krauscha2022 https://padlet.com/krauscha2022/3aihkuxcwf32hwkd/wish/1808283711 invention that is a result of creativity ]]> 2021-10-11 17:03:03 UTC https://padlet.com/krauscha2022/3aihkuxcwf32hwkd/wish/1808283711