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Chapter 1

Vocab 1

TermDefinition
Needs things that are required to live
Wants things that add pleasure and comfort to your life
Goods things you can see and touch, products you can purchase to meet wants and needs
Services activities that are consumed at the same time they are produced
Factors of production economic resources, including nature, human and capital
Economic Resources The means through which goods and services are produced
Tradeoff when you give something up to have something else
Opportunity cost value of next best opportunity that you did not choose
Economic system nation’s plan for answering the three economic questions
Command economy economy in which resources are owned and controlled by the government
Market economy an economy in which resources are owned and controlled by the people of the country
Traditional economy economy in which goods and services are produced the way that they have always been
Created by: Lisawolf
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