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CH 1 Intro Biz


A nations plan for answering the 3 economic questions. Economic System
Economy in which resources are owned and controlled by the government. Command Economy
Economy in which resources are owned and controlled by the people of the country. Market Economy
Economy in which goods and services are produced the way it has always been done. Traditional Economy
Economy that combines elements of market and command economies Mixed Economy
The private ownership of resources by individuals, rather than by the government. Capitalism
Things that are required in order to live. Needs
Things that add comfort and pleasure to your life. Wants
Things you can see and touch, products you can purchase to meet your wants and needs. Goods
Activities that are consumed at the same time they are produced, intangible. Services
Means through which goods and services are produced. Economic Resources
Not having enough resources to satisfy every need. Scarcity
Process of choosing which wants, among several options, will be satisfied. Economic Decision-making
The act of giving up something to have something else. Trade-off
Value of the next best alternative you did not choose. Opportunity Cost
Person who buys and uses goods and services. Consumer
Individuals and organizations that determine what products will be available for sale. Producers
Quantity of a good or service consumers are willing and able to buy. Demand
Quantity of a good or service that businesses are willing and able to provide. Supply
The point where supply and demand are equal. Market Price
Created by: joannw15



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