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Chapter 1
| Term (33) | Definition |
|---|---|
| Needs | Things that are required in order to live |
| Wants | Things that add comfort and pleasure to your life |
| Goods | Tangible products |
| Services | Activities that are consumed as they are produced |
| Economic resources | Means through which goods and services are produced |
| Factors of production | Economic resources |
| Natural resources | Raw materials supplied by nature |
| Human resources | People who produce goods and services |
| Entrepreneur | Risk taker who uses resources to create a new product or service |
| Capital resources | Products and money used in the production of goods and services (Buildings, equipment, supplies) |
| The basic economic problem | Mismatch of unlimited wants and needs and limited economic resources |
| Scarcity | Not having enough to satisfy everyone |
| Choices | Decisions among the alternatives |
| Economic decision making | Process of choosing which wants, among many, will be satisfied |
| Trade-off | Giving something up to have something else |
| Opportunity Cost | The value of the next best alternative that you did not choose |
| Economic system | A nations plan for answering the three economic questions |
| Command economy | Resources are owned and controlled by gov. |
| Market economy | Resources are owned and controlled by the citizens |
| Marketplace | Anywhere that goods and services exchange hands |
| Traditional economy | Where goods and services are produced the way it's always been done. (used in less developed countries) |
| Mixed economy | Combines elements of command and market economies. |
| Capitalism | Private ownership of resources by individuals |
| Private property | You can own, use, or dispose of things of value |
| Freedom of choice | You are allowed to make independent decisions, and accept whatever consequences |
| Profit | Money left in surplus from a business |
| Consumer | Someone who buys goods and services |
| Producers | Individuals and organizations that determine what will be available for sale |
| Demand | Quantity of a good or service consumers are willing, and able to buy |
| Supply | Quantity of a good or service that businesses are willing and able to provide |
| Supply curve | Illustrates the relationship of the price of a product, and the quantity businesses will supply. |
| Competitors | Businesses offering similar products to the same customers |
| Market price | Point where supply and demand are equal |
Created by:
cameronbaker
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