市场主导.docVIP

Economics 2nd term Exam study Chp.1 Economics Scarcity = resources are limited in supply relative to unlimited human wants. Opportunity cost = highest-valued option forgone Economic good = Number available insufficient to our wants, has opportunity cost during production. Free good = CAN satisfy our wants , has NO opportunity cost in obtaining them. Traditional economy Previous generations, customs and traditions. Planned economy All resources was owned by government. Market economy All things are owned by private, buyers and sellers decide the price together Mixed economy Market dominants