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Chapter 1

Economic Decisions and System

QuestionAnswer
The means through which goods and services are produced. Economic Resources
Things that are required in order to live. Needs
Things that add to the comfort and pleasure to your life. Wants
The things that you can see and touch Goods
Activities that are consumed at the same time as they are produced Services
Not having enough resources to satisfy every need Scarcity
The type of system is based on how much the government is involved in the marketplace Economic System
Another name for the economic system in the U.S. Capitalism
The quantity of a good or service that businesses are willing to supply Supply
The quantity of a good or sevice that consumers are willing and able to buy Demand
Created by: boken
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