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Ch. 1

Economic Decisions and Systems

Needs Things that are 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 at the same time they are produced
Economic Resources The means through which goods and services are produced
Factors of Production What Economic Resources are called
Natural Resources Raw materials supplied by nature
Human Resources People who produce goods and services
Entrepreneur 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
The Basic Economic Problem The mismatch of unlimited wants and needs and limited economic resources
Scarcity Not having enough resources to satisfy every need
Choices Decisions among the alternatives
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
Economic System A nation's 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 people of the country
Marketplace Anywhere that goods and services exchange hands
Traditional Economy Goods and services are produced the way it has always been done
Mixed Economy Combines Elements of the command and market economies
Capitalism Refers to the private owner-ship of resources by individuals, rather then by the government
Free Enterprise or Private Enterprise Freedom of production and consumption decisions lends itself to another name associated with the U.S. economy
Private Property Means you can own, use, or dispose of things of value
Freedom of Choice Means that 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 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 for sale
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
Supply Curve A product illustrates the relationship between the price of the product and the quantity businesses will supply
Competitors Businesses offering very similar products to the same customers
Market Price The point where supply and demand are equal
Created by: meaganwilcox



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