LCECON2JJ 2026 Expert
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FACTORS OF PRODUCTION - 🧠 ANSWER ✔✔Land, labor, and capital;
the three groups of resources that are used to make all goods and services
CHOICE - 🧠 ANSWER ✔✔Decision made or course of action taken when
faced with a set of alternatives.
SCARCITY - 🧠 ANSWER ✔✔Limited quantities of resources to meet
unlimited wants
,OPPURTUNITY COST - 🧠 ANSWER ✔✔the loss of potential gain from
other alternatives when one alternative is chosen.
TRADEOFFS - 🧠 ANSWER ✔✔The sacrifice of some or all of one
economic goal, good, or service to achieve some other goal, good, or
service.
ECONOMICS - 🧠 ANSWER ✔✔the study of how society manages its
scarce resources
PRODUCTION POSSIBILITIES CURVE - 🧠 ANSWER ✔✔a graph that
shows alternative ways to use an economy's productive resources
THREE ECONOMIC QUESTIONS - 🧠 ANSWER ✔✔1. What goods and
services should be produced?
2. How should these goods and services be produced?
3. Who consumes these goods and services?
SOCIALISM - 🧠 ANSWER ✔✔A system in which society, usually in the
form of the government, owns and controls the means of production.
, THE FREE MARKET - 🧠 ANSWER ✔✔An economic system in which prices
and wages are determined by unrestricted competition between
businesses, without government regulation or fear of monopolies.
CAPITALISM - 🧠 ANSWER ✔✔An economic system based on private
ownership of capital
COMMUNISM - 🧠 ANSWER ✔✔a political theory derived from Karl Marx,
advocating class war and leading to a society in which all property is
publicly owned and each person works and is paid according to their
abilities and needs.
COMMAND ECONOMY - 🧠 ANSWER ✔✔An economic system in which
the government controls a country's economy.
ENTREPRENEURS - 🧠 ANSWER ✔✔a person who organizes and
operates a business or businesses, taking on greater than normal financial
risks in order to do so.
MARKET STRUCTURES - 🧠 ANSWER ✔✔perfect competition,
monopolistic competition, oligopoly, monopoly
COPYRIGHT©PROFFKERRYMARTIN 2025/2026. YEAR PUBLISHED 2026. COMPANY REGISTRATION NUMBER: 619652435. TERMS OF USE.
PRIVACY STATEMENT. ALL RIGHTS RESERVED
Verified | Ace the Test
FACTORS OF PRODUCTION - 🧠 ANSWER ✔✔Land, labor, and capital;
the three groups of resources that are used to make all goods and services
CHOICE - 🧠 ANSWER ✔✔Decision made or course of action taken when
faced with a set of alternatives.
SCARCITY - 🧠 ANSWER ✔✔Limited quantities of resources to meet
unlimited wants
,OPPURTUNITY COST - 🧠 ANSWER ✔✔the loss of potential gain from
other alternatives when one alternative is chosen.
TRADEOFFS - 🧠 ANSWER ✔✔The sacrifice of some or all of one
economic goal, good, or service to achieve some other goal, good, or
service.
ECONOMICS - 🧠 ANSWER ✔✔the study of how society manages its
scarce resources
PRODUCTION POSSIBILITIES CURVE - 🧠 ANSWER ✔✔a graph that
shows alternative ways to use an economy's productive resources
THREE ECONOMIC QUESTIONS - 🧠 ANSWER ✔✔1. What goods and
services should be produced?
2. How should these goods and services be produced?
3. Who consumes these goods and services?
SOCIALISM - 🧠 ANSWER ✔✔A system in which society, usually in the
form of the government, owns and controls the means of production.
, THE FREE MARKET - 🧠 ANSWER ✔✔An economic system in which prices
and wages are determined by unrestricted competition between
businesses, without government regulation or fear of monopolies.
CAPITALISM - 🧠 ANSWER ✔✔An economic system based on private
ownership of capital
COMMUNISM - 🧠 ANSWER ✔✔a political theory derived from Karl Marx,
advocating class war and leading to a society in which all property is
publicly owned and each person works and is paid according to their
abilities and needs.
COMMAND ECONOMY - 🧠 ANSWER ✔✔An economic system in which
the government controls a country's economy.
ENTREPRENEURS - 🧠 ANSWER ✔✔a person who organizes and
operates a business or businesses, taking on greater than normal financial
risks in order to do so.
MARKET STRUCTURES - 🧠 ANSWER ✔✔perfect competition,
monopolistic competition, oligopoly, monopoly
COPYRIGHT©PROFFKERRYMARTIN 2025/2026. YEAR PUBLISHED 2026. COMPANY REGISTRATION NUMBER: 619652435. TERMS OF USE.
PRIVACY STATEMENT. ALL RIGHTS RESERVED
