fixed cost A tax on the production or sale of a good. Labor. afmccray TEACHER. The amount of money that people pay when they buy a good or service. Limited resources, but unlimited wants. Start studying Unit 1 - Fundamental Economic Concepts (Vocabulary). comand economy there is no such thing as a free lunch TINSTAAFL give up one benefit to gain another trade-off the rivalry among sellers trying to achieve such goals as increasing profits competition a general increase in prices across an economy inflation a risk-taker in search of profits entrepreneur a income that does not increase even when prices go up fixed income study of how people satisfy unlimited wants through careful use of realtive scarce resource economics physical objects that somone produces goods the power of consumers to decide what gets producded consumer sovereignty a financial gain profit economic system that relies on habit traditional economy any government system that provides monetary assistance to people with an inadequate or no income. Trading a good or service for another good or service, or for money. Controls: Show Errors. Once paid, that button will turn into a 'Preview + Publish' button that will put your puzzle in a format that can be printed or solved online. Some of them are essential for the operation of the site, while others help us to improve this site and the user experience (tracking cookies). Capital. Gravity. One of the resources in production that would include YOU! 99% of other printing issues have to do with printer settings. Mixed system, occurs when individual workers focus on single tasks, enabling each worker to become more efficient and productive specialization the worker, firm, region, or country with the lowest opportunity cost of producing an output should specialize in that output law of comparative advantage the ability to make something using fewer resources than other producers require absolute advantage the laws, customs, manners, conventions, and other institutional underpinnings that encourage people to pursue productive activity rules of the game an expansion of the economy's production possibilities, or ability to produce economic growth each additional increment of one good requires the economy to give up successively larger increments of the other good law of increasing opportunity cost producing the maximum possible output from available resources, meaning the economy cannot produce more of one good without producing less of the other good efficiency an economic system shaped largely by custom or religion production possibilities frontier- shows the possible combinations of two types of goods that can be produced when available resources are employed efficiently traditional economy an economic system in the process of shifting from central planning to competitive markets transitional economy describes the U.S. economic system, where markets play a relatively large role market economy an economic system that mixes central planning with competitive markets mixed economy an economic system in which all resources are government-owned and all production is directed by the central plans of government pure command economy an economic system with no government so that private firms account for all production pure market economy the set of mechanisms and institutions that resolves the what, how, and for whom questions for an economy economic system the doctrine that states that government generally should not intervene in the marketplace "let them do as they please" laissez faire property owned by individuals or companies, not by the government or the people as a whole private property an economic system characterized by private or corporate ownership of capital goods; investments that are determined by private decision rather than by state control; and determined in a free market free enterprise to sell state-run firms to idividuals privatize large farm leased from the state to groups of peasant farmers collective requiring strict obedience to an authority, such as a dictator authoritarian a political system characterized by a centrally planned economy with all economic and political power resting in the hands of the central government communism a social and political philosophy based on the belief that democratic means should be used to evenly distribute wealth throughout a society socialism the powers of the consumers to decide what gets produced consumer sovereignty term economists use to describe the self-regulating nature of the marketplace invisible hand the struggle among producers for the dollars of consumers competition an expectation that encourages people to behave in a certain way incentive, The way a society organizes to produce, distribute, and consume goods and services. 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