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Defi 8-21-18
| Term | Definition |
|---|---|
| needs | things that are required in order to live |
| 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 | not having enough resources to satisfy every every need |
| trade-off | you give up on something |
| opportunity costs | the value of the next best alternative that you did not choose |
| economic decision-making | is the process of choosing which wants among several options |
| economic system | a nations plan for answering the three economic system |
| 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 recourse |
| consumers | is a person who buys and uses goods and services |
| producers | are individuals and organizations that determine what products |
| 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 price | is thepoint where supply and demand are equal |
| Natural resources | materials or substances such as minerals, forests, water, and fertile land that occur in nature and can be used for economic gain. |
| Human resources | the personnel of a business or organization especially when regarded as a significant asset. |
| Entrepreneur | a person who organizes and operates a business or businesses, taking on greater than normal financial risks in order to do so. |
| Capital resources | are goods made and used to produce other goods and services |
| The basic economic problem | asserts that an economy's finite resources are insufficient to satisfy all human wants and needs |
| Marketplace | an open space where a market is or was formerly held in a town |
| Private property | s a legal designation for the ownership of property by non governmental legal entities |
| Freedom of choice | describes an individual's opportunity and autonomy to perform an action |
| Profit | a financial gain, especially the difference between the amount earned and the amount spent in buying, operating, or producing something. |
| Competition | the activity or condition of competing |
| Demand curve | a graph showing how the demand for a commodity or service varies with changes in its price. |
| Supply curve | in economics, graphic representation of the relationship between product price and quantity of product that a seller is willing and able to supply |
| Competitors | an organization or country that is engaged in commercial or economic competition with others. |
Created by:
DanielRuthe
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