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Stack #2832403
| Term | Definition |
|---|---|
| Needs | Things that are required to live. |
| Wants | Thing that add comfort to your life. |
| Goods | Things that you can see and touch. |
| Services | Activities that are consumed at the same time they are produced |
| Economic Resources | The means through which goods and services are produced. |
| Natural Resources | Raw materials supplied by nature |
| Human Resources | The people who produce goods and services |
| Entreprenuer | The risk taker who uses resources in an entirely new way to create a new product or service |
| Capital Resources | The products and money used in the production of goods and services |
| Scarcity | Not having enough resources to satisfy every need |
| Economic decision-making | The process of choosing which wants, among several options, will be satisfied |
| Trade-off | When you give up something to have something else |
| Opportunity Cost | The value of the next-best alternative that you did not choose |
| The Basic Economic Problem | The mismatch of unlimited wants and needs and limited economic resources |
| Economic System | A nations plan for answering the 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 a command and market economies |
| Capitalism | The private ownership of resources by individuals rather than the government. |
| Marketplace | Anywhere that goods and services exchange hands |
| Private Property | You can 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 businesses have been paid |
| Competition | The rivalry among businesses to sell their goods and services |
| Consumer | a person who buys and uses goods and services |
| Producer | Individuals and organizations that determine what products and services will be available to sell |
| Demand | The quantity of a good or service that consumers are willing and able to buy |
| Supply | Refers to the quantity of a good or service that businesses are willing and able to provide |
| Market Price | The point where supply and demand are equal |
| Demand curve | The relationship between the price of a product and the quanity |
| Supply curve | The relationship between the price of the product and quantity businesses will provide |
| Competitors | Businesses offering very similar products to the same customers |
Created by:
dakota.scruggs1214
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