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Unit 1.01

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