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20 Cards in this Set
- Front
- Back
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Things that are required in order to live |
Needs |
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Things that add comfort and pleasure to your life |
Wants |
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Things that you can see and touch; they're products you can purchase to meet your wants and needs |
Goods |
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Activities provided for the satisfaction of others that are consumed at the same time they are produced |
Services |
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Things available to be used to produce goods and services |
Economic Resources |
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Not having enough resources to satisfy every need |
Scarcity |
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Process of choosing which needs and wants will be satisfied |
Economic Decision-Making |
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What you make when you give something up to have something else |
Trade-Off |
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The value of the next-best alternative that you were not able to choose |
Opportunity Cost |
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The method a country uses to answer the three economic questions |
Economic System |
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An economy in which resources are owned and controlled by the government |
Command Economy |
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Resources are owned and controlled by the people of the country |
Market Economy |
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Goods and services are produced the way it has always been done |
Traditional Economy |
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Combines elements of the command and market economies |
Mixed Economy |
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Refers to the private ownership of economic resources by individuals, rather than by the government |
Capitalism |
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A person who buys and uses goods and services |
Consumer |
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Individuals and organizations that determine what products and services will be available for sale |
Producers |
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Quantity of a good or services that consumers are willing and able to buy |
Demand |
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Quantity of a good or service that businesses are willing and able to provide |
Supply |
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Point where supply and demand are equal. Equilibrium cost. |
Market Price |
