Question | Answer |
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 |