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TermDefinition
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
 

 



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