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PDF77 Unit 1.01

Unit 1.01

QuestionAnswer
Combines elements of the comand and market economies Mixed economy
The initive to combine natural, human, and capital resources Entreprenurial resorces
Value of the next best alternatice that is forgone to produce or obtain another product Oppertunity cost
Buisnesses that offer the same goods to the same customers Competitors
Individuals and organizations that determine which goods and services will be available for consumption Producers
Process of choosing which needs or wants will be satisfied Economic decision making
Means from which goods and services are produced Economic resources
Right to purchase, use, and discard of things of value Private Property
Activities that can be consumed at the time of purchase to satisfy needs and wants Services
Condition that exists when wants or needs exceed resorces available Scarcity
Study of the decisions made for production, distrbution, and consumption of goods and services to satisfy needs and wants Economics
Necessities for living Needs
Buys and uses the goods and services Consumer
Goods and money used on the production of goods and services Capital Resorces
Raw materials supplied by nature Natural Resorces
People using efforts, knowledge, and skills at work to produce goods and services Human resoures
Economic system which freedom to consume and produce goods and services exist Free enterprise
Economic system in which decisions are based on customs and centered on famiy Traditional Economy
Items purchased to satisfy needs and wants Goods
Money left after selling goods and services and cost of operating a buisness have been paid Profit
Goods that are purchased to add comfort or pleasure to life Wants
Anywhere goods and services exchange hands Marketplace
Process of giving up something for gaining something else Tradeoff
Goods and services are owned and controlled by the people Market economy
Opportunity to make choices of goods and services and accept consequences of decisions Freedom of choice
Economics system in which the goverment owns resources and dictates what is produced Command economy
The point where supply and demand are equal Market price
Created by: lancerammo77