I Can't Get No Satisfaction
Things that are required in order to live.
Needs
Not having enough resources to satisfy every need.
Scarcity
The method a country uses to answer the three economic questions.
Economic System
A person who buys and uses goods and services.
Consumer
This is where goods and services are exchanged.
Market Place
Things that add comfort and pleasure to your life.
Wants
The process of choosing which needs and wants will be satisfied
Economic Decision Making
An economy in which resources are owned and controlled by the government.
Command Economy
Individuals and organizations that determine what products and services will be available for sale.
Producers
Raw materials supplied by nature
Natural Resources
Things you can see and touch; i.e. products you can buy
Goods
What you make when you give something up to have something else.
Trade-off
An economy in which the resources are owned and controlled by the people of the country.
Market Economy
The quantity of a good or service that consumers are willing and able to buy.
Demand
These living beings produce goods and services.
Human resources
Activities done for the satisfaction of others that are consumed at the same time they are produced.
Services
The mismatch of unlimited wants & needs and limited economic resources
The basic economic problem
An economy in which goods and services are produced the way they have always been produced
Traditional Economy
The quantity of a good or service that businesses are willing and able to provide.
Supply
Products and money used to convert natural resources into products or produce goods and services
Capital Resources
Things available to be used to produce goods and services.
Economic Resources
The value of the next-best alternative that you were not able to choose.
Opportunity Costs
The private ownership of economic resources by individuals rather than by the government.
Capitalism
The point where supply and demand are equal.
Market Price
ALL economic resources have this.
Limited supply