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Chapter 1
Vocabulary
| Term | Definition |
|---|---|
| Needs (pg 6) | things that are required in order to live |
| Wants (pg 7) | things that add comfort and pleasure to your life |
| Goods (pg 7) | things that you can see and touch |
| Services (pg 7) | activities that are consumed at the same time they are produced |
| Economic Resources (pg 8) | the means through which goods and services are produced (factors of production) |
| Natural Resources (pg 9) | raw materials supplied by nature |
| Human Resources (pg 9) | the people who produce goods and services |
| Entrepreneur (pg 9) | the risk taker who uses resources in an entirely new way to create a new product or service |
| Capital Resources (pg 10) | the products and money used in the production of goods and services (buildings equipment and supplies) |
| The Basic Economic Problem (pg 12) | the mismatch of unlimited wants and needs and limited economic resources |
| Scarcity (pg 12 ) | not having enough resources to satisfy every need |
| Economic Decision-Making (pg 13) | the process of choosing which wants, among among several options, will be satisfied |
| Trade-Off (pg 13) | when you give up something to have something else |
| Opportunity Cost (pg 13) | the value of the next-best alternative that you did not choose |
| Economic System (pg 19) | a nation's plan for answering the three economic questions |
| Command Economy (pg 19) | the resources are owned and controlled by the government |
| Market Economy (pg 19) | the resources are owned and controlled by the people of the country |
| Marketplace (pg 19) | anywhere that goods and services exchange hands |
| Traditional Economy (pg 20) | goods and services are produced the way it has always been done |
| Mixed Economy (pg 20) | combines elements of the command and market economies |
| Capitalism (pg 21) |
Created by:
Jordan.Ray0411
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