1. Review for Economics
... to satisfy their every desire. Trade Off - Exchanging one thing for the use of another. Opportunity Cost - Value of the next best alternative given. Land - Refers to natural resources and surface land. Labor - Work people do. Capital - All property used in the production of other goods. Entrepreneurship - Ability to start a new business. What To Produce - Decision made ... government doesn't influence in this type of economy. Mixed Economy - System combining characteristics of more than one type of economy. Circular Flow Chart - Model that shows income flowing between businesses and cons...
- Word Count: 353
- Approx Pages: 1
- Grade Level: High School