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1.01 POBF

Mixed economy Combines elements of the command and market economies
Entrepreneurial resources The initiative to combine natural, human, and capital resources
Opportunity cost Value of the next
Competitors Businesses that offer the same goods to the same customers
Producers Individuals and organizations that determine which goods and services will be available for consumption
Economic decision making
Economic resources Means from which goods and services are produced
Private property Right to purchase, use, and discard of things of value
Services Activities that can be consumed at the time of purchase to satisfy needs and wants
Scarcity Condition that exists when wants or needs exceed resources available
Economics Study of the decisions made for production, distribution, and consumption of goods and services to satisfy needs and wants
Needs Necessities required for living
Consumer Buys and uses the goods and services
Capital resources Goods and money used in the production of goods and services
Natural resources Raw materials supplied by nature
Human resources People using efforts, knowledge, and skills at work to produce goods and services
Free enterprise Economic system which freedom to consume and produce goods and services exists
Traditional economy Economic system in which decisions are based on customs and centered on family
Goods Items purchased to satisfy needs and wants
Profit Money left after selling goods and services and costs of operating a business have been paid
Wants Goods that are purchased to add comfort or pleasure to life
Marketplace Anywhere goods and services exchange hands
Tradeoff Process of giving up something for gaining something else
Market economy Goods and services are owned and controlled by the people
Freedom of choice Opportunity to make choices of goods and services and accept consequences of decisions
Command economy Economics system in which the government owns resources and dictates what is produced
Market price The point where supply and demand are equal.
Created by: jpennington