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Chapter 1
Chapter 1 Correy Bowers
| Term | Definition |
|---|---|
| Needs | Things required in order to live |
| Wants | Things that add comfort and pleasure to your life |
| Goods | Things that you can see and touch |
| Services | Activities that are consumed the same time they are produced |
| Economic Resources | The means through which goods and services are produced |
| Natural Resources | Raw material supplied by nature |
| Human Resources | People who produce goods and services |
| Entrepreneur | Is a risk taker who uses resources in new and creative ways to create a new product or service |
| Capital Resources | The products and money used in the production of goods and services |
| The Basic Economic Problem | The mismatch of unlimited wants and needs and limited economic resources |
| Scarcity | To not have enough resources to satisfy every need |
| Economic Decision-Making | The process of choosing which wants, among several options, will be satisfied |
| Trade-Off | To give up something to have something else |
| Opportunity Costs | The value of the next best alternative that you did not choose |
| Economic System | A nation's plan for answering 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 the command and market economics |
| Capitalism | Refers to the private ownership of resources by individuals |
| Private Property | The right to 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 business have been paid |
| Competition | The rivalry among businesses to sell their goods |
| Consumer | A person who buys and uses goods or services |
| Producer | Individuals and organizations that determine what products and services will be available for sale |
| Demand | The quantity of a good or service that consumers are willing and able to buy |
| Supply | The quantity of a good or service that business are willing and able to supply |
| Demand And Curve | Illustrates the relationship between the price of a product and the quantity demand by consumers |
| Supply Curve | Illustrates the relationship between the price of the product and the quantity business will supply |
| Competitors | Business offering very simple products to the same customers |
| Market Place | The point where supply and demand are equal |
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