Gen Bus ch 1 Word Scramble
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Question | Answer |
Economic resources are sometimes referred to as | factors of production |
The point where supply and demand are equal is called the | market clearing price |
The rivalry among businesses to sell their goods and services is called | competition |
The process of choosing which wants, among several options, to be satisfied is called | economic decision making |
Which type of economy produces goods and services the way they always have | traditional |
Raw materials from supplied by nature are which type of resource | natural |
Not having enough resources to satisfy every need is | scarcity |
When you give up something to have something else | tradeoff |
The value of the next best alternative that you did not choose is called | opportunity cost |
A type of economic system where the government controls the resources | command |
Created by:
rmehrhoff
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