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Chapter 1

Chapter 1 Correy Bowers

TermDefinition
Needs Things required in order to live
Wants Things that add comfort and pleasure to your life
Goods Things that you can see and touch
Services Activities that are consumed the same time they are produced
Economic Resources The means through which goods and services are produced
Natural Resources Raw material supplied by nature
Human Resources People who produce goods and services
Entrepreneur Is a risk taker who uses resources in new and creative ways to create a new product or service
Capital Resources The products and money used in the production of goods and services
The Basic Economic Problem The mismatch of unlimited wants and needs and limited economic resources
Scarcity To not have enough resources to satisfy every need
Economic Decision-Making The process of choosing which wants, among several options, will be satisfied
Trade-Off To give up something to have something else
Opportunity Costs The value of the next best alternative that you did not choose
Economic System A nation's plan for answering three economic questions
Command Economy The resources are owned and controlled by the government
Market Economy The resources are owned and controlled by the people of the country
Traditional Economy Goods and services are produced the way it has always been done
Mixed Economy Combines elements of the command and market economics
Capitalism Refers to the private ownership of resources by individuals
Private Property The right to own, use, or dispose of things of value
Freedom Of Choice You can make decisions independently and must accept the consequences of those decisions
Profit The money left from sales after all of the costs of operating a business have been paid
Competition The rivalry among businesses to sell their goods
Consumer A person who buys and uses goods or services
Producer Individuals and organizations that determine what products and services will be available for sale
Demand The quantity of a good or service that consumers are willing and able to buy
Supply The quantity of a good or service that business are willing and able to supply
Demand And Curve Illustrates the relationship between the price of a product and the quantity demand by consumers
Supply Curve Illustrates the relationship between the price of the product and the quantity business will supply
Competitors Business offering very simple products to the same customers
Market Place The point where supply and demand are equal
Created by: CorreyBowers
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