Econ 1

Nonprofit organizations are often created to serve __________ needs.

public utility needs.

A __________ is a type of cooperative that is owned and operated by its members for their mutual benefit.

consumer cooperative.

Credit unions are a form of __________ cooperative that provides financial services to its members.

service.

Collective bargaining is a process involving __________ between employers and employees to negotiate work conditions.

negotiations.

A __________ union advocates for the interests of workers in a specific trade or profession.

labor union.

The economic system characterized by private ownership and the freedom to compete is known as __________.

free enterprise.

In a market economy, consumer choice drives __________.

competition.

The concept of __________ refers to the idea that consumers have the power to determine the price and production of goods and services in the market.

consumer sovereignty.

The __________ illustrates the different combinations of goods that can be produced given available resources.

production possibilities frontier.

The term __________ describes the cost of the next best alternative when a choice is made.

opportunity cost.

A __________ economy combines elements of both free enterprise and government intervention.

mixed economy.

The principle of __________ refers to the ability to make choices based on personal interest in a market economy.

economic freedom.

When resources are __________, it indicates that all available labor and resources are being used efficiently.

fully employed.

In decision-making, a __________ grid is used to evaluate different options and their respective outcomes.

decision-making.

The __________ reflects the maximum combinations of goods that can be produced from a given set of resources.

production possible frontier.

Cost-benefit analysis is a method used to evaluate the overall __________ of a decision or project.

profitability.

A __________ motive drives individuals and businesses to operate efficiently and make profits.

profit.

The economic concept of __________ includes the right of individuals to own and control their property.

private property rights.