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Goods that satisfy the needs and wants of people directly
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The study of the national economy.
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Shows the maximum possible output combinations of 2 goods or services the economy can achieve when all resources are efficiently used.
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The wants and needs of society are endless but the resources to satisfy these are finite.
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The action of making or manufacturing components.
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The government largely determines what is produced and in what amount.
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The process of transferring an enterprise or industry from the public sector to the private sector.
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An objective statement that can be tested using available evidence.
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Consumers and businesses decide what they want to produce and purchase in the marketplace.
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The process of transforming an entire economy away from a planned economic system and toward greater market-based organization.