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Gen Bus ch 1

Economic resources are sometimes referred to as factors of production
The point where supply and demand are equal is called the market clearing price
The rivalry among businesses to sell their goods and services is called competition
The process of choosing which wants, among several options, to be satisfied is called economic decision making
Which type of economy produces goods and services the way they always have traditional
Raw materials from supplied by nature are which type of resource natural
Not having enough resources to satisfy every need is scarcity
When you give up something to have something else tradeoff
The value of the next best alternative that you did not choose is called opportunity cost
A type of economic system where the government controls the resources command
Created by: rmehrhoff