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TermDefinition
Needs things that are required in order to live.
Wants things that add comfort and pleasure to your life.
Goods things you can see and touch; they are products you can purchase to meet your wants and needs.
Services activities that are consumed at the same time they are produced.
Economic resources the means through which goods and services are produced.
Natural resources Raw materials supplied by nature.
Human resources people produce goods and services.
Entrepreneur the 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 limited economic resources.
Scarcity not having enough resources to satisfy every need.
Economic decision-making the process of choosing which wants, among several options, will be satisfied.
Trade-off what you make when you give something up 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 an economy which resources are owned and controlled by the government.
Market economy an economy in which the resources are owned and controlled by the people of the country.
Marketplace anywhere that goods and services exchange hands.
Traditional economy an economy in which goods and services are produced the way they have always been produced. It is used in countries that are less developed and are not yet participating in the global economy.
Mixed economy an economy that combines elements of the command and market economies.
Capitalism the private ownership of resources by individuals, rather than by government.
Private Property you can 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 the costs of operating business have been paid
Competition the rivalry among businesses to sell their goods and services
Consumer a person who purchases goods and services for personal use
Producer a person, company, or country that makes, grows, or supplies goods or commodities for sale
Demand an insistent and peremptory request, made as if by right
Supply make something needed or wanted available to someone; provide
Demand curve illustrates the relationship between the price of a product and quantity demanded by consumers
Supply curve illustrates the relationship between the price of a product and quantity businesses will supply
Competitors are businesses offering very similar products to the same customer
Market price the price of a commodity when sold in a given market
 

 



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