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Definition
| a nation’s plan for answering the three economic questions |
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| the resources are owned and controlled by the government…government officials decide how to answer the Three Economic Questions |
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| a form of a command economy where government controls most of the resources and decisions |
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| the resources are owned and controlled by the people of the country…individuals answer the Three Economic Questions |
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Definition
| anywhere that goods and services exchange hands |
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| goods and services are produced the way it has always been done…used in less developed nations |
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| combines elements of both the command and market economies…most nations fall into this category |
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| private ownership of resources by individuals or businesses rather than by the government…individual owners decide what to produce and individual consumers decide what to buy |
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| you may own whatever you want as long as it does not break any laws |
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| you may choose what to buy, what to sell, how to produce, etc. as long as it doesn’t break any laws |
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| is the money left over from sales after all of the costs of operating a business have been paid… it is at the heart of Free Enterprise |
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Definition
| rivalry among businesses to sell their goods and services |
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Definition
| Specific and containing a value |
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| Must be completed by or on a specific date |
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| A decision to do something always on on a regular schedule |
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| A decision made with no prior planning |
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| The factor that applies to financial decisions such as growing a garden to save money for future college funding |
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| The factor that drives a decision in finances based on inflation, government control and other large scale actions. |
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Definition
| The factor that influences financial decisions based on a nations practices other societal norms. |
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| The factor driving a decision involving religion and practices. |
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| Markets like TV shopping, Online stores that often influence spending. |
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| Attributes of a human such as gender or race. |
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