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Economics Study Guide for Chapter 5, p. 72-81


2 words--P. 76: to obtain needed goods, people in command economies buy and sell through _____ __________.
3 words--P. 81: cost of people running their own establishments or hiring managers to run the businnesses for them.
2 words--P. 74: A computer is an example of this.
2 words--P. 79: value of the best alternative whena different alternative is taken
2 words--P. 77: the consumers determine what goods are to be produced and in what quantity.
P. 73: Signs that are used by consumers and producers to determine how much of a good to buy or sell at a given price and time.
P. 81: Total value of a business minus any liabilities
P. 79: Excess of the total revenue paid by buyers for goods over the seller's total expense of producing these goods.
P. 77: Sector controlled by national, state, and local governments.