scarcity - unlimited wants and limited needs; not enough resources, economics - how people make choices of what to buy and sell; the way people spend and make money, opportunity costs - the value of the next best thing you give up whenever you make a decision, factors of production - means necessary for the production of goods and services; land, labor and capital, capital - money or others resources owned by a business, profit - the amount of money made by and individual, business, or country, profit motive - the incentive or desire to work or form a business to gain profit or make money, circular flow model - how money moves through society from producers to workers as wages and consumers use wages to buy products, factor market - a resource for companies to buy what they need to produce their goods and services, product market - where goods and services are sold to individuals and businesses, Traditional economy - economic system based on bartering, trading and farming, Command economy - economic system where the government controls the economy by saying how much will be produced and sold and what price, Socialism - economic system based on cooperation where everyone works together to provide equally for everyone else, Market economy - little government intervention where allowing the economy to sort itself out through competition, free enterprise - an economic system where a government places very few restrictions on individuals and businesses; free to choose what to buy or what to produce, Mixed economy - combination of market and command economy; some government control works with some freedom of economic decisions, gross domestic product - total value of goods and services produced in a country; evaluates the health of a country's economy, competition - the idea if their are more options for consumers to buy a product will keep prices lower,

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