Goods that satisfy the needs and wants of people directly

The study of the national economy.

Shows the maximum possible output combinations of 2 goods or services the economy can achieve when all resources are efficiently used.

The wants and needs of society are endless but the resources to satisfy these are finite.

The action of making or manufacturing components.

The government largely determines what is produced and in what amount.

The process of transferring an enterprise or industry from the public sector to the private sector.

An objective statement that can be tested using available evidence.

Consumers and businesses decide what they want to produce and purchase in the marketplace.

The process of transforming an entire economy away from a planned economic system and toward greater market-based organization.