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CH 1 Intro Biz
Vocabulary
Question | Answer |
---|---|
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 |