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business vocab 1

TermDefinition
Capitalism the private ownership of resources by individuals, rather than the government
Command Economy an economy in which resources are owned and controlled by the government
Consumer a person who buys and used goods and services
Demand the quantity of a good or service that consumers are willing and able to buy
Economic Decision-Making the process of choosing which wants, among several opinions, will be satisfied
Economic Resources the means through which goods and services are produced
Economic System a nation's plan for answering the three economic questions
Goods things you can see and touch: they are products you can purchase to meet your wants and needs
Market Economy an economy in which the resources are owned and controlled by the people of the economy
Market Price the point where supply and demand are equal
Mixed Economy an economy that combines elements of the command and market economics
Needs things that are required in order to live
Opportunity Cost the value of the next-best alternative that you did not choose
Producers individuals and organizations that determine what products and services will be available for sale
Scarcity not having enough resources to satisfy every need
Services activities that are consumed at the same time they are produced
Supply the quantity of a good or service that businesses are willing and able to provide
Trade Off what you make when you give something up to have something else
Traditional Economy an economy in which goods and services are produced the way they have always been produced. it is used in countries that are less developed and are not participating in the global economy
Wants things that add comfort and pleasure to your life
Created by: kisland17
 

 



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