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