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ECON_Topic #2.1 - 2.2: 3 Economic Questions & Free Markets

Full Name:
Period:
Horizontales
Income people receive in return for supplying factors of production.
An organization that uses resources to produce a product or service, which it then sells.
The hope of reward or fear of penalty that encourages a person to behave in a certain way.
Consumers, in essence, have the power to decide what gets produced.
In markets, individuals prioritize their own personal gain.
Answers the three basic economic questions made by voluntary exchange in markets.
The process of bringing new methods, products, or ideas into use.
Verticales
The amount of money a business receives in excess of its expenses.
The struggle among producers for the dollars of consumers.
A person or group of people living in a single residence.
The structure of methods and principles a society uses to produce and distribute goods and services.
Concentration of the productive efforts of individuals and businesses on a limited number of activities.
Relies on habit, custom, or ritual to answer the three basic economic questions.
A nation's level of economic prosperity.
A set of programs to protect people who face unfavorable economic conditions such as layoffs, injuries, or natural disasters.
Any arrangement that allows buyers and sellers to exchange things.