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economic decisions

CH.1

TermDefinition
Needs everyone needs food,water,clean air, clothing,and shelter
Wants things that add comfort and pleasure to your life
Goods are things that you can see and touch
Services are activities that are consumed at the same time they are produced
Economic resources are the means through which goods and services are produced
Scarcity means not having enough resources to satisfy every need
Economic decision-making is the process of choosing which wants,among several options,will be satisfied
Trade-off when you give something to have something else
Opportunity cost is the value of the next-best alternative that you did not choose
Economic system the type of system is based on how much the government is involved in the government
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 economies
Capitalism refers to the private ownership of resources by individuals,rather than by the government
Consumer is a person who buys and uses goods and services
Producers are individuals and organizations that determine what products and services will be available for sale
Demand is 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 Place is the point where supply and demand are equal
Created by: manthaaa
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