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20 Cards in this Set
- Front
- Back
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economic decision making |
Process of choosing which wants, among several options, will be satisfied. |
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producers |
Individuals and organizations that determine what products and services will be available for sale. |
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economic system |
A nation's plan for answering the three economic questions. |
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economic resources |
Means through which goods and services are produced. |
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needs |
Things that are required in order to live. |
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scarcity |
Not having enough resources to satisfy every need. |
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supply |
Quantity of a good or service that businesses are willing and able to provide. |
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consumer |
Person who buys and uses goods and services. |
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command economy |
System in which resources are owned and controlled by the government. |
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goods |
Things that you can see and touch. |
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capitalism |
Private ownership of resources by individuals rather than by the government. |
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traditional economy |
System in which goods and services are produced the way it has always been done. |
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mixed economy |
System that combines elements of the command and market economies. |
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demand |
Quantity of a good or service that consumers are willing and able to buy. |
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market price |
Point where supply and demand are equal. |
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wants |
Things that add comfort and pleasure to your life. |
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services |
Activities that are consumed at the same time they are produced. |
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tradeoff |
Giving up on something to have something else. |
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opportunity cost |
Value of the alternative you did not choose. |
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market economy |
System in which the resources are owned and controlled by the people of the country. |
