| A | B |
|---|
| scarcity | There's just not enough for everyo |
| Factors of Production | Land, Capital, Labor |
| Land | Natural resources, (oil,trees,w |
| Capital | Tool & equipment (trucks,co |
| Labor | The workers |
| Three Basic Questions | What? How? For Who? |
| Opportunity Cost | The nest best think you give up |
| trade-off | Choosing one thing over another |
| incentive | Something that makes it more |
| disincentive | Something that makes it less |
| "dis" | A negative meaning, like 'dis |
| cost | The $ you pay or the thing you |
| Traditional Economy | Economy based on old customs |
| Command Economy | Economy based on what the |
| Market Economy | Buyers & sellers make choice |
| Laissez faire | Government mostly stays out |
