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